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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.

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.

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.

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.

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.

Fuelling the Greatest Game

A year review of how fluctuating trends in oil derivatives compare to the performance of some Premier League football clubs in 2023.

3,000+ Nautical Mile Detour for Ships Avoiding Red Sea

The Brent futures flat price for the prompt contract has seen a major rally this afternoon, strengthening by almost $2/bbl from $77.62/bbl at 13:00 GMT to $79.52/bbl at 16:35 GMT. Brent approaches the $80/bbl mark once again as continuous attacks

ICE Gasoil – Hold the ICE

As the Yuletide season approaches, it appears that Frosty the Snowman might be opting for remote work engagements, given the latest weather runs in Europe to be at or just above seasonal normal temperatures until early January. Notably, temperatures across

EIA ANNOUNCES 4.26mbbls CRUDE DRAW

The Brent futures flat price for the prompt contract has seen a stronger afternoon, rising almost $1/bbl from $73.46/bbl at 12:00 GMT to highs of $74.33/bbl at 16:45 GMT. The EIA announced a second consecutive crude inventory draw, with stocks

Kero-seeing Support

While the strength in regrade emerged from robust fundamentals but kero spreads weakened into December as refiners flocked to kero over gasoil.

Sky High Speculations in the Kerosene Market

The recovery of Asian jet fuel markets has been gradual over recent months, yet recent trends have shown some signs of support. In the context of Asia, China’s role is pivotal as it constituted approximately 20% of the region’s international

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.