The Sep’25 Brent futures contract fell from $69.80/bbl at 12:25 BST to $68.60/bbl at 16:55 BST, increasing slightly to $68.95/bbl at 17:10 BST (time of writing). Reuters reported that the European Commission plans to propose a floating Russian oil price
Summer is in full swing, but crude’s upswing has begun to melt. Sep’25 Brent rose to see the blue skies above $70.00/bbl before softening to lie above the 100-day average sub-$69.00/bbl. OPEC has been a bit gloomier, lowering its global
CFTC data for the week to 01 Jul showed money managers deepening their bearish stance on RBOB futures: longs fell 3.0mb (-5.4%) while shorts rose 3.9mb (+12%), marking the fifth drop in longs in six weeks. Overall open interest declined
The Sep’25 Brent Futures contract fell to $69.82/bbl at 09:41 BST before bouncing back to $70.07/bbl. Prices have softened to $69.92/bbl at 11:10 BST (time of writing). In the news, OPEC has revised its global oil demand forecasts for the
In addition to our regular Monday CFTC COT analysis report, Onyx Insight will publish its own in-house CFTC COT forecast ahead of the official Friday report. The model forecasts changes in long and short positions using machine learning, utilising Onyx’s
The Sep’25 Brent futures contract fell to $69.65/bbl at 14:32 BST. Prices have since rallied up to $70.43/bbl at 16:52 BST and softened slightly to $70.42/bbl at 17:25 BST (time of writing). In the news, US crude oil stockpiles unexpectedly
The Sep’25 Brent futures contract rallied to $70.71/bbl at 09:41 BST before softening a touch to $70.37/bbl at 11:45 BST. In the news, the UAE’s Energy Minister, Suhail al-Mazrouei, stated that oil markets are absorbing OPEC+’s production increases without a
The geopolitical risk premium may have faded, but the continued rally in Brent structure highlights the market’s resilience. Futures spreads have been on a steady upward trend since the beginning of May, with Sep/Oct Brent strongly backwardated above $1/bbl (time
Brent crude futures have continued to inch up as they consolidate following the 23-24 Jun sell-off. The contract rose from a low of $66.35/bbl on 01 Jul to $70.35/bbl on 08 Jul at the time of writing. Prices have broken
Sep’25 Brent futures contract continued to rally this afternoon to $70.25/bbl at 17:40 BST (time of writing). US Gulf Coast fuel oil imports dropped to a record low of 213 kb/d in June. Reuters reported that refiners chose cheaper heavy
The Sep’25 Brent crude futures were supported above $69/bbl on Tuesday morning, trending up to $69.55/bbl by 12:00 BST. Prices may seek to re-test highs of $69.93/bbl reached on Monday evening following Trump’s tariffs comments, with $70/bbl a significant psychological
The elephant in the room for oil markets in June was the 12-day war between Iran and Israel, which ended swiftly after the US bombing of Iranian nuclear facilities at Fordo, Natanz and Isfahan on 22 June conducted under the
The Sep’25 Brent futures contract continued rallying all afternoon to $69.54/bbl at 17:37 BST (time of writing). In the news, Canadian Prime Minister Mark Carney expressed strong confidence that a proposed oil pipeline to the Pacific coast will likely be
Another week brings another selection of new trade ideas from Onyx Research. This week, we look at trades in NGLs and Naphtha swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft
Brent: troubled policy waters Brent chalked up a 53-cent gain on the week last Friday ahead of the OPEC+ meeting held this past Saturday, 6 July, to close at $68.30/bbl. As geopolitical risk premia withdrew from prices on a lasting
