Crude

Crude oil derivatives are essential to the global economy, powering transportation, manufacturing, and financial markets.

Latest News

Futures Report: World Affairs Brings The Bears

Technical indicators for the current period highlighted similar trends across product groups. Brent’s RSI has been hovering around overbought territory, with price action oscillating around the $90/bbl mark throughout the week.

This Week’s Target Price: $86-88/bbl

After a relatively rangebound week, with Jun Brent futures oscillating around the $90/bbl mark and hitting highs of $92.18/bbl on Apr 12, Brent futures has opened weaker following the weekend’s events – retracing to below the $90/bbl mark.   

This Week’s Target Price: $91-93/bbl

Oil prices clocked in a momentous week with the June Brent futures contract jumping from $88.80/bbl at 17:00 BST on Apr 04 to the sanctified $90/bbl marker just two hours later and ending the week coming close to $92/bbl.

This Week’s Target Price: $90-92/bbl

After a rangebound week, with Jun Brent futures oscillating around the $85/bbl mark, Brent futures strengthened in the lead up to the Easter bank holiday weekend. Support continues to be found, surpassing the $89/bbl mark on Apr 02.

Back to the Futures

Technical indicators for June revealed a week of softening prices in a risk-off attitude across the product groups.

Futures Report: Price Action Stagnation

Technical indicators for June revealed a week of consolidation and widening Bollinger bands. Brent’s RSI briefly entered overbought territory before coming off as prices corrected lower.

This Week’s Target Price: $86-87/bbl

Oil prices registered some strength overnight on the back of support generated in the early hours of Asian trading with the Jun Brent futures climbing to $85.40/bbl at 03:20 GMT. The futures eased to $85.35/bbl come 09:20 GMT, but remain elevated compared to last Friday’s plummet into the sub-$85/bbl handles.

This Week’s Target Price: $87-88/bbl

After surging to four-month highs towards the end of last week, May Brent futures started the week in a similar vein, strengthening to briefly surpass the $86/bbl mark and record a near 5% increase week-on-week.

Dated Brent, the guy she told you not to worry about 

In a year of stagnant crude oil prices, our latest article delves into why traders are turning to a lesser-known segment of the oil market for lucrative opportunities. We examine the intricate dynamics driving recent developments in North Sea oil within this niche.

Brent FutureZzzzz

In this weeks Futures report, technical indicators were slightly more bullish in the past week in Brent, Gasoil and RBOB with prices generally seeing an upward trend and the RSI’s overall around or above 50.

Interest in Brent Goes Missing

Last week, the futures market was supported overall with an overall strong crude market as well as some gains in American gasoline. Here is a summary of what happened:

Brent Bracing for Bears?

In Brent, May prices strengthened slightly over the past week with the RSI also showing signs of upward momentum as it crossed overbought territory on Feb 22, at 79. The May RBOB contract traded within Bollinger band although the RSI crossed overbought territory, sitting at 71 on Feb 22. Gasoil on the other hand is well in neutral territory as prices initially came off to retrace higher towards the end of the week.

Brent trades around $83/bbl as Uncertainty Supports Crude

The Apr Brent futures contract continued to be supported overnight with prices holding above the $83/bbl mark initially before dipping below it and trading at $82.77/bbl at 10:00 GMT (time of writing). Apr WTI saw a similar softening as prices were at $77.62/bbl at 10:00 GMT.

Futures Report: Go Long Or Go Home

In Brent, Apr prices have continued to strengthen, hovering around the $82.50/bbl mark. Nonetheless, from a technical perspective, prices remain firmly within neutral territory on both a Bollinger band and RSI basis.

This Week’s Target Price: $85/bbl

Oil prices were seen hovering around the $82.75/bbl handles on Monday morning after last week witnessed the Brent futures for the Apr contract rise by over 1%, following a 6% gain in the previous week.

Brent Stays Above The $83/bbl Mark

The April Brent futures is trading at $83.21/bbl at the time of writing, 16:45 GMT. The contract traded down to a low of $81.97/bbl at noon and subsequently experienced a steady rise throughout the afternoon to settle around the $83/bbl mark.

Apr Brent futures holds above the $82/bbl mark

The Apr Brent futures contract continued to be supported overnight with prices holding above the $82/bbl mark and trading at $82.72/bbl at 10:00 GMT (time of writing). Apr WTI saw a similar upward momentum with prices at $77.66/bbl at 10:00 GMT.

Gasoline Still Pumping?

Prices have strengthened in the Brent futures, RBOB futures and the ICE LS gasoil futures for the Apr tenor. From a technical perspective, the Apr Brent and RBOB futures are in neutral territory with the RSI around the 60-handles, signalling upward momentum.

This week’s target price: $78-80/bbl

Oil prices dipped slightly into Monday, back into $81/bbl handles, after seeing a 6% gain last week having fallen 9% a week previous, with heavy price swings very characteristic of the market at the moment.

Brent futures gained as the rumours fade

The Apr Brent futures contract has seen increased support overnight with prices strengthening above the $79/bbl mark and seen at $79.14/bbl at 10:00 GMT (time of writing). Apr WTI saw a similar upward momentum with prices at $74/bbl at 10:00 GMT.

Brent futures move sideways amid a mixed bag of news

The Apr Brent futures contract has been very volatile over the day and seems to be moving sideways amid a mixed bag of news. The contract was seen trading around the $77.50/bbl handles and dropped to a daily low of $76.63/bbl at 14:50 GMT. At 17:00 GMT (time of writing), prices were trading at $77.38/bbl.

Brent futures have been volatile today before dipping below $79/bbl

The Apr Brent futures contract has been very volatile over the day with prices constantly between the $81/bbl and the $81.50/bbl marks. At 17:00 GMT, it was trading at $81.30/bbl. At 18:00 GMT (time of writing), prices have dipped below the $80/bbl mark to be priced at $78.96/bbl.

Brent Back Above $81/bbl

The Brent futures flat price for the Apr contract has seen a minor rally this morning. Initially price action was seen weakening to $80.19/bbl at 08:40 GMT, however this spurred some buying interest, taking the contract to above the $81/bbl mark, reaching $81.19/bbl at 09:20 GMT.

EIA Shock Build Weakens Brent to sub $81/bbl

The Brent futures flat price for the April contract has seen a weaker afternoon, as prices fell from $82.23/bbl at 14:20 GMT to lows of $80.56/bbl at 16:45 GMT, before recovering slightly to just shy of the $81/bbl mark at 17:00 GMT.

Apr Brent Futures retraced below $82/bbl due to weak economic data

Brent futures have been coming off over the start of the day, with the Apr contract trading from highs of $82.46/bbl at 08:30 GMT to retrace to $81.73/bbl at 10:00 GMT (time of writing). WTI prices have followed the same trend, trading at highs of $77.74/bbl at 08:30 GMT and at $77.06/bbl at 10:00 GMT.

Geopolitical Risk Equilibrium

The past fortnight saw the soon-to-be-prompt Mar Brent/Dubai contract rise above 80c/bbl on Jan 16, before sinking to 50c/bbl by Jan 24 and then rise again to 60/bbl come Jan 29.

Brent stays strong trading around the $82/bbl mark

The Apr Brent futures contract has weakened throughout the day and traded from above the $83/bbl mark to be priced at $82.16/bbl at 17:00 GMT (time of writing). WTI Apr prices have also come off today, initially trading above the $78/bbl mark and currently at $77.02/bbl at 17:00 GMT.

Mar Brent futures hit above the $81/bbl mark

The Mar Brent futures contract has yet again strengthened throughout the day, reaching almost two-month highs of $81.51/bbl at 16:50 GMT and later retraced to trade at $81.47/bbl at 17:05 GMT (time of writing). WTI prices also found strong support and traded at $76.60/bbl at 17:00 GMT.

Edge Updates

COT Report: NEW DESIGN

As players remain uncertain about wartime risk premia impacting the futures, the volatility appears to have hit oil products in varied ways. See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as 6 one to watches for the week ahead. 

Brent Stable Around $89/bbl Levels 

The prompt Brent futures contract saw a quiet start to the morning before experiencing a retracement downwards, from $89.82/bbl at 09:15 BST down to $89.06/bbl at 10:15 BST.

Brent Softens To Below $90/bbl

The Brent futures flat price for the prompt contract has witnessed a weaker morning, falling from highs of $90.64/bbl in the early hours to lows of $89.23/bbl at 09:05 BST. Prices saw a slight uptick since, printing at $89.69/bbl at 11:20 BST.

Brent breaks into $91/bbl Territory

Jun Brent flat price has seen an interesting afternoon amid price action finally breaking into $91/bbl handles at 13:30 BST and hitting a peak of $92.10/bbl at 15:25 BST.

Brent Strengthening Back Towards $91/bbl

June Brent futures flat price maintained strength in the $90/bbl handles this morning. Initially prices hovered around $90.20/bbl during the early hours, before support has seen price action push towards the $91/bbl mark, printing at $90.76/bbl at 11:20 BST.

Brent Struggles to Break into $91/bbl

The prompt Brent Futures contract saw a stable start to the morning, rangebound between $90.40/bbl and $90.90/bbl before seeing a strong correction downwards from 09:30 BST to settle at $90.06/bbl at 10:20 BST.

Brent weakens on EIA-announced crude build

June Brent futures flat price witnessed a choppy afternoon, rallying back into the $90/bbl region at 14:10 BST but failing to maintain this level and falling to $88.95/bbl come 16:10 BST.

COT Report: Brent Strength Eclipses Products

As Brent strengthened to above the $90/bbl mark, products felt the heat. See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as six one to watches for the week ahead. 

Brent Softens Below $90/bbl

Prompt Brent futures flat price has witnessed a relatively weak afternoon period. Prices were initially stable around the $90.50/bbl mark, reaching highs of $90.71/bbl at 13:10 BST. However, since then prices slipped lower, reaching $89.56/bbl at 16:12 BST.

COT Report: Crack-Down

As Brent pushes towards the $90/bbl mark, product cracks have taken a hit. See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as 6 one to watches for the week ahead. 

Brent Happy Around $90.50/bbl Mark

The Brent Futures prompt contract has seen a volatile morning, opening around $90.60/bbl before oscillating from lows of $90.40/bbl up to highs of $90.93/bbl at 08:50 BST.

Brent Strengthens Back To Above $90/bbl

The Brent futures flat price for the prompt contract initially saw a slight pull back and dipped to below the $89/bbl mark in the early hours. However with the prospect of war still very apparent, the contract has strengthened once again surpassing the $90/bbl mark at 08:45 BST and reaching highs of $90.67/bbl at 10:30 BST.

CFTC Report: The Long Jump

For the week to Apr 02, the combined positions by money managers in Brent and WTI showed a return to bullish positioning, overall.

Brent Hits Highest Levels Since October 2023

The Brent futures flat price for the Jun contract reached a low of $90.62/bbl at 13:20 BST before retracing and reaching $91.25/bbl around 14:25 BST. Flat price then slipped back down to $90.69/bbl by 14:55 BST and then found support once more up to $91.59/bbl by 16:20 BST.

Brent Breaks past $91/bbl Handles

Prompt Brent crude futures flat price strengthened overnight from $89/bbl handles at 17:00 BST, surpassing $91/bbl but coming off to $90.78/bbl handles at 10:00 BST, heading for a second weekly gain.

Brent witnesses slight weakness at $89/bbl handles 

Prompt Brent futures flat price has witnessed a relatively weak afternoon period. Prices initially fell to lows of $88.89/bbl at 13:50 BST, however, this level enticed some buying interest supporting the contract back to low $89/bbl handles.

Brent Softens To Low $89/bbl Handles

The Brent futures flat price for the prompt contract has seen a relatively weaker morning. Price action was initially stable around the $89.60/bbl mark in the early hours of the morning, however, since then prices have sold off slightly to $89.17/bbl at 10:40 BST.

Brent At $89.70/bbl Amid EIA Crude Build 

The Jun Brent futures contract strengthened into the afternoon with prices rising to $89.95/bbl around 15:20 BST but subsequently easing off to $89.70/bbl at 17:05 BST (time of writing).

COT Report: Crack-Down

As Brent pushes towards the $90/bbl mark, product cracks have taken a hit. See all the updates across the barrel in this week’s Onyx Commitment of Traders report, as well as 6 one to watches for the week ahead. 

Brent Rallies to $89.30/bbl Handles

The June Brent futures contract has seen a strong morning, opening around $89/bbl levels before seeing a small correction down to $88.70/bbl at 08:45 BST before rebounding and rallying up to $89.30/bbl levels at 10:30 BST.

Brent Softens From Morning High Of $89/bbl

The Brent futures flat price for the Jun contract steadily slipped from above the $89/bbl mark in the morning to a low of $87.96/bbl at 15:35 BST, before recovering its losses and reaching $88.87/bbl at 16:35 BST.

Brent Rallies Up to $89/bbl Levels

The June Brent futures contract has seen a strong rally this morning, opening around $88/bbl handles and rising quickly to settle around $89/bbl at 10:30 BST.