The October Brent futures flat price has strengthened significantly this morning, rising from $78.90/bbl at 04:00 BST to $79.70/bbl by 07:55 BST, before retracing down slightly then rallying again to $80.10/bbl by 10:20 BST.
Short Aug Nap E/W Expecting a continuation of weakness as the E/W goes into pricing, driven by stronger Europe cracks and a run of poor economic data from China affecting perceived demandÂ
Brent/Dubai has seen a remarkable fortnight, with the soon-to-be-Bal Aug Brent/Dubai rallying above $1/bbl on 26 July. However, we now see cracks in this rally, with the contract softening to $0.80/bbl on 30 July.
The October Brent futures flat price has come off again this afternoon, falling from $79/bbl at 12:00 BST to $78.10/bbl by 14:55 BST and subsequently trading in a range between $77.95/bbl and $78.45/bbl.
We continue to see strength across the naphtha complex, although we appear to now be approaching the dangerous realm of potential buy-side saturation with rising selling in naphtha cracks in Europe, alongside selling in the E/W.
Despite bearish fundamentals in the broader crude market, Dated Brent saw a supported performance with the physical differential maintained above $1/bbl. This comes on the back of supply tightness out of the US and aggressive physical buying from Chevron and
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The soon-to-be-prompt October Brent futures contract firmed up to $79.15/bbl around 09:30 BST before softening to $78.80/bbl at 10:05 BST….
Short Aug 380 E/W -Since last week the E/W has been climbing on the back of the strengthen Asian Fuel Oil. The physical arb is open and we expect Euro prices to start to rise, so this trade idea is
The October Brent futures flat price has significantly weakened this afternoon following an initial period of strength.
We saw softer prices for the October Brent futures, ICE gasoil futures and US RBOB gasoline futures this week…
It has been an unusual year for the oil market. Gasoline, usually a blessing for sentiment in the summer, has been lacklustre throughout June and into July. On the other hand, wintertime performers like propane and butane have seen incredible
It was a risk-off week in the global crude benchmarks as money managers reduced long positions and added short positions. Preceded by five consecutive weeks of increases, long positions declined by 46.9mb (-8%). Meanwhile, short positions increased by 12mb (+8%).
The October Brent futures flat price contract climbed to $80.85/bbl around 07:35 BST but simmered off $80.05/bbl at 10:40 BST. The benchmark crude futures contract found support at this level and currently sits at $80.20/bbl at 11:25 BST (time of
Long Aug/Sep 0.5% Sing We saw some support on Friday which pushed the spread up to $8.00. This morning Aug/Sep dropped to $7.50, however we believe that the price will resume its upward trend.Â
