The North Sea is choppy as we enter October, and choppiness dominated the Dated Brent market this fortnight, with few signs of this ending. In the last report, the physical diff was strong above a dollar, with a Chinese bull
The gasoline market saw more resistance this fortnight, with the Nov’24 EBOB crack softening from $7.80/bbl on 19 Sep to $5.80/bbl on 01 Oct (at the time of writing).
The Dec’24 Brent futures contract rallied this afternoon, trading at $71.42/bbl at 12:00 BST and reaching $74.40/bbl handles at 17:20 BST (time of writing). Prices have surged amid reports of Iran’s imminent ballistic missile attack on Israel. In the news
Another week brings another selection of new trade ideas from Onyx Research, this time looking at trades in crude oil futures and gasoline. Our weekly Onyx Alpha report presents speculative and hedging trades based on technical analysis and data-driven tradecraft
The Dec’24 Brent futures contract dipped this morning from $71.80/bbl at 07:00 BST to a touch below $70.00/bbl at 10:10 BST, before strengthening and finding support at $71.24/bbl at 11:25 BST (time of writing). This volatile price action comes as
After weakness this morning, the Dec’24 Brent futures flat price recovered this afternoon. Trading a touch above of $71.00/bbl at 12:35 BST, flat price tested the $71.80/bbl resistance level multiple times before finally breaking through around 15:45 BST and reaching
The Dec’24 Brent futures weekly high of $74.75/bbl on 24 Sep failed to hold, and it fell to $71.40/bbl on 26 Sep before correcting to around $72.50/bbl on 30 Sep with a possibly weak expiry in sight for the Nov’24
We are looking for the front-month December 24 contract to finish the week between $69-74/bbl with the drivers dictating the rangebound regime essentially unchanged: Geopolitical tensions in the Middle East moved a notch higher. Israel has stepped up kinetic action
Money managers were happy to add buy-side risk in crude oil, when considering the positioning in WTI and Brent in the week ending 24 Sep.
Dec’24 Brent futures showed weak upside momentum on Monday, following the confirmation over the weekend of the killing of Hezbollah’s leader, Hassan Nasrallah. Initial strength in the morning took the contract to a high of $72.75/bbl shortly before 07:00 BST,
The Dec’24 Brent futures contract was initially rangebound between $71.00 and $71.50/bbl before dipping to a low of $70.93/bbl around 14:45 BST and strengthening shortly after up to around the $72.00/bbl level at 17:30 BST (time of writing). In the
Government and company officials are in discussions about potential imports of gas from Azerbaijan through Russia and Ukraine to replace a transit deal that expires at the end of the year. Negotiations were continuing as of last week, Bloomberg previously
Lacking a spark We expected Nov’24 Brent futures to end the week trading between $70/bbl and $75.00/bbl as we failed to see it breaking out of a rangebound market. Price action this week validated this view, with the contract trading
The Dec’24 Brent futures contract showed choppy price action throughout this morning, trading at $70.87/bbl at 07:00 BST and rising to a high of $71.52/bbl at 09:25 BST, before falling to $71.23/bbl at 11:30 BST (time of writing). This
The Fed has initiated the rate easing cycle, lowering its key overnight borrowing rate by 50 bps. To be sure, it was an aggressive start and underscored the Fed’s concerns surrounding employment, in contrast to its sanguine views on inflation.
