The North Sea Dated Brent physical differential continued to be pressured in the week ending 7 February, with Equinor and Gunvor on the sell side. The physical reached a low on 5 February at -$0.22/bbl before rising to $0.06/bbl by
Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in NGL and fuel oil swaps. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft
Apr’25 Brent futures strengthened this morning. It rose from just below $76.00/bbl at 0200 GMT to $76.90/bbl at 1020 GMT (time of writing). President Donald Trump imposed a flat 25% tariff on steel and aluminium imports to the US, with
The front-month Brent futures contract ticked down from a close of $76.80/bbl on 31 Jan to a close of $74.60/bbl the next day. 10 Feb saw the M1 futures contract jump to an open of $75.04/bbl before rising to $75.90/bbl
The Apr’25 Brent futures contract ultimately saw marginal strength this afternoon, increasing from $75.60/bbl at 1200 GMT up to $76.05/bbl at 1715 GMT, before tapering to $75.85/bbl at 1745 GMT (time of writing). Bullish sentiment has pushed crude oil prices
In the week ending 04 Feb, both money managers and prod/mercs were risk-off for a second consecutive week across the benchmark Brent and WTI futures, with a more notable decrease in Brent crude open interest. Combined open interest in the
Tariff-ying Times Ahead The front-month Brent futures contract jumped from $74.60/bbl at 20:00 GMT last Friday to $75.60/bbl at 12:15 GMT this morning (time of writing). Oil prices face an increasingly uncertain time ahead of the rising possibility of a
On Monday, the Apr’25 Brent futures flat price opened higher from Friday’s close, at $75/bbl, and has trended higher, reaching $75.50/bbl by 10:30 GMT (time of writing). The market is becoming sanguine in relation to tariff announcements and might be
The Apr’25 Brent futures flat price was lower on Friday afternoon after testing the $75/bbl resistance level, coming off to $74.35/bbl by 17:00 GMT (time of writing). Crude is on track for a third consecutive weekly decline, with players taking
The front-month (Mar’25) TTF swap contract continued to strengthen in the fortnight ending 7 February, climbing from under €50/MWh on 23 Jan to €54.36/MWh on 6 Feb.
Brent crude futures endured a volatile week as prices grind lower and are on track for a third consecutive weekly decline. On 05 February, the Apr’25 contract closed below $75/bbl for the first time since 31 December. Market participants have
The Apr’25 Brent futures contract crept up overnight and has continued to improve this morning, rising from $74.30/bbl at 0100 GMT to reach $74.92/bbl at 1015 GMT (time of writing) after meeting resistance around $75.00/bbl in the past couple of
The Apr’25 Brent futures flat price came off below the $75/bbl level on Thursday afternoon, trading at $74.42/bbl at 17:30 GMT (time of writing). As the US unveiled fresh sanctions on Iran, the first move under the Trump administration, prices
This week reminded the market that we do not know what will happen next. The whipsaw of news seemed to pull the rug from under you as soon as you believed it. So what can we say really happened this
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
