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Up-Dated Supplementary Report – Bears R Us

2 min read

Market Update

The Dated Brent market has weakened significantly this past week as physical sentiment deteriorated alongside a troubled futures market. At the time of writing, the Nov’24 Brent futures contract has fallen below $70/bbl for the first time since November 2021. Bearish factors have mounted as oil demand uncertainty and recession fears grip the market, whilst speculators are getting increasingly shorter. The bearish hysteria has filtered into the Dated Brent market, where the physical had previously been able to weather the weakness in the futures market. However, the weaker-than-expected Oct Brent futures expiry was a premonition for Dated Brent, as the physical attracted offers whilst the paper sold off.

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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.