This week, we expect oil prices to remain pressured and inch down to between $63.00-65.00/bbl. We focus on the following three drivers of price action this week: President Trump’s meeting with Putin over the weekend caused little splash in the
In the week ending 12 Aug, the two major crude oil benchmarks (Brent and WTI futures) extended their price decline. However, the bearish momentum weakened as prices consolidated. Ahead of the US-Russia summit in Alaska, money managers took an increasingly
The Oct’25 Brent Futures contract gapped down from $63.14/bbl at 220.00 BST to $62.74/bbl at 02.01 BST, recovering over the morning, softening to sub-$62.70/bbl around 09.00 BST and rising to $63.15/bbl at 11.13 BST (time of writing). President Donald Trump
The Oct’25 Brent crude futures trended between $65.90 and $66.60/bbl on Friday afternoon. Prices have been rangebound between $65 and $67/bbl this week. Markets are in a wait-and-see mode ahead of the Trump-Putin summit. Trump posted “HIGH STAKES!!!” on Truth
HSFO markets were choppy w/w but largely rangebound in the fortnight ending 15 Aug, with the 3.5% barge crack swinging from -$4.46/bbl to -$2.10/bbl on 7 Aug before retreating to -$4.10/bbl at the time of writing.
The Oct’25 Brent Futures contract fell to $66.15/bbl at 09:54 BST before recovering to $66.50/bbl at 11:35 BST (time of writing). In the news, US President Trump is set to meet Russian President Putin in Alaska on 15 August, with
Unusually, the eyes of the world are turned to Alaska, the Last Frontier, to find a solution to a significant frontier to peace in our time. Trump says Putin ‘wants to get it done’ at tomorrow’s Alaska summit, and he
The Oct’25 Brent Futures contract rallied to $66.67/bbl at 14:21 BST before softening to $66.22 at 15.20/bbl. Prices have since bounced back to $66.70/bbl at 17:15 BST (time of writing). In the news, Phillips 66 has reduced gasoline output at
Weakness in crude has significantly driven naphtha cracks higher, as naphtha cracks rose from -$6 on 31 July to highs of -$4.50/bbl in the prompt. This marks the highest level for an M1 crack since early June. Due to concerns
The Oct’25 Brent Futures contract initially rallied to $66.00/bbl at 09:40 BST before falling to $65.78/bbl at 09:58 BST. Prices have climbed back up to $65.93/bbl at 11:20 BST (time of writing). In the news, Reliance Industries, India’s largest buyer
In line with these quite weak outright price movements, Flux Insight’s CFTC Predictor anticipates an unwinding of long managed-by-money positioning and a rise in speculative length in ICE Brent futures and RBOB futures in the week ending 12 Aug. On
The Oct’25 Brent crude futures declined by $1 on Wednesday afternoon, falling from $66 to $65/bbl. The prevailing direction of prices is increasingly bearish as headlines develop ahead of the Trump-Putin summit of Friday, with European leaders speaking to both
In the Middle East, Aug CP gradually stabilised around $525/mt in the final week of July, with Aug/Sep’25 CP trading up to -$3/mt. However, the Aug CP settlement was announced at $520/mt for propane and $490/mt for butane. The weaker
The Oct’25 Brent crude futures reached a daily high of over $66.30/bbl at 07.47 BST before weakening to $65.78/bbl at 11.28 BST (time of writing). The IEA projects global oil supply to outpace demand through 2026, with output rising 2.5
The front-month (Oct’25) Brent futures contract has been rangebound between $66 and $66.65/bbl this afternoon, with prices sitting at $66.16/bbl at 17:25 BST (time of writing). OPEC, in its latest oil market report, increased its global oil demand forecast by
