Our last report warned of turbulence ahead, and oil prices have indeed reflected this in the past month. Weakness emerged early in April and again in May, following OPEC+’s decision to return voluntary cut barrels to the market. Brent closed
The Jul’25 Brent Futures contract saw prices rally to $62.00/bbl  at 10:54 BST before falling off to $ 61.57/bbl at 11:50 BST (time of writing). In the news, President Trump said both Russia and Ukraine want to settle the war,
The Jul’25 Brent crude futures opened below $60/bbl overnight Monday, marking a $2 gap from Friday evening’s close. Prices steadily retraced higher above $60/bbl into the morning, reaching $60.51/bbl by 11:00 BST (time of writing). OPEC+ decided over the weekend
The Jul’25 Brent futures contract saw prices initially move up to $62.16/bbl at 14:09 BST only to quicky fall to $60.74/bbl at 15:04 BST. Prices have since gained some support at $61.37/bbl at 17:40 BST (time of writing). In the
The Jul’25 Brent futures contract softened this morning, declining from around $62.70/bbl at 03:25 BST to $61.70/bbl at 10:20 BST. At the time of writing (11:15 BST), the contract stands a little higher at $61.90/bbl. China is reportedly “evaluating” an
Down is up and up is down this week. Speculation has been wild about which way the collective OPEC thumb will point. The main victim in this has been Dubai crude, which has been under heavy pressure amid the likelihood
The Jul’25 Brent futures contract saw prices rally from $59.42/bbl at 12:00 BST to $61.78/bbl at 15:42 BST. Prices have since fallen off and are at $61.01/bbl at 17:45 BST (time of writing). In the news, the US and Ukraine
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
Jul’25 Brent futures saw heavy losses this afternoon, from $62.80/bbl at 16.35 BST to lows of $60.80/bbl at 16.55 BST before it retraced slightly to $61.30/bbl at 17.10 BST (time of writing). Reuters reported that Saudi Arabian officials are briefing
The Jul’25 Futures contract saw prices initially fall to $62.13/bbl at 09:28 BST before rallying up to $62.95/bbl at 10:59 BST. Prices have slightly fallen off to $62.68/bbl at 11:50 BST (time of writing). In the news, TotalEnergies reported an
The front-month Brent futures saw a bearish reversal over the past week, falling below $65/bbl by 29 April (time of writing). Price initially met with resistance against the Bollinger 20-day moving average and eventually tested successfully to the downside the
The Jul’25 Brent futures contract saw a volatile afternoon, trading between $63.91/bbl at 13:02 BST and $63.10/bbl at 17:38 BST (time of writing). In the news, Scotland’s only oil refinery at Grangemouth has permanently stopped processing crude oil after 100
The Dated Brent market continues to drift lower, with the May’25 DFL falling from a high of over $1.40/bbl last Wednesday (23 Apr) to $0.70/bbl at the time of writing on 29 Apr. Simultaneously, the lower crude levels have supported
The Jul’25 Brent futures contract fell off this morning from $64.29/bbl at 09:31 BST to $ 63.64/bbl at 09:59 BST. Prices then rallied to $64.13/bbl at 10:37 BST before falling to $63.54/bbl at 12:30 BST (time of writing). In the
The Jul’25 Brent futures contract initially rallied to $65.81/bbl at 14:30 BST before falling off to $64.37/bbl at 17:50 BST (time of writing). In the news, a massive power outage hit Spain and Portugal, disrupting flights, traffic, hospitals, and businesses.
