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Brent Strengthening To Almost $84/bbl Handles

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Prompt Brent futures flat price has seen a mixed afternoon. Prices were initially pressured, falling $1/bbl in less than 4 hours to $82.41/bbl at 14:05 GMT. However, this level incited some buying interest, with prices retracing higher to $83.69/bbl at 16:05 GMT. At time of writing (16:45 GMT) the Apr Brent futures is priced at $83.55/bbl.

The EIA announced a fourth consecutive crude oil stock build of 3.5mbbls, against a median estimation of 3.75mbbls. This value also falls short of the that reported by the API last night, which registered a build of over 7mbbls. Cushing storage saw another build of 740kbbls.

The UK has announced at least a further 50 sanctions against Russia, aiming to target key participants helping to sustain Russia’s war effort and invasion of Ukraine.

The VLCC freight rate WAF-East has corrected downwards to $26.31/mt come Feb 21 after reaching 8-month highs of $31.28/mt on Feb 19. Houthis militants are reportedly set to use submarine weapons against ships transiting the Red Sea. India’s January crude oil imports climbed almost 10% m-o-m to reach a 21-month high of 21.4m mt.

The front and 6-month Brent futures spreads are at $1.01/bbl and $4.11/bbl, respectively.

Europe Refinery Margins: Q2’24: $8.93/bbl, Cal’25: $5.11/bbl
Asian Refinery Margins: Q2’24: $9.51/bbl, Cal’25: $7.33/bbl 

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.