Giovanni Staunovo🛢

Oil traders are flocking to options betting on a decline in Brent crude, with bearish wagers surging to unprecedented levels as investors reposition after a blistering rally in recent sessions. Tuesday saw volume in Brent put options top roughly 764,000 contracts, the most on record, according to preliminary ICE Futures Europe data. Much of the activity was concentrated in narrow put spreads, which are sometimes hedges for over-the-counter binary trades, as Saudi Arabia sought to restore flows on a vital pipeline and signs emerged of some diplomatic progress toward reopening the Strait of Hormuz #oott https://t.co/HmY2AjCppz

Brent settled at USD 99.25/bbl #OOTT

Brent settled at USD 100.34/bbl #oott

Brent < 100 #oott

Brent futures curve in USD/bbl (today, one week ago and one month ago) #OOTT https://t.co/swT071iSrq

Dated Brent retains its premium.... Dated Brent versus front month Brent futures contract in USD/bbl #oott https://t.co/gQIC9ifmay

Shanghai premium over Brent further narrowing Brent crude front month future contract versus Shanghai crude front month future contract in USD/bbl #oott https://t.co/0Vl0xXieLH

Europe is suffering more collateral damage from the Iran war. Saudi Aramco told at least two oil refining customers on the continent that they will be allocated no crude next month under long-term agreements after a key pipeline to the Red Sea was attacked. The absence of Saudi flows next month will heighten the need for European buyers to secure replacements. Already, Poland’s Orlen SA has been hunting for shipments, helping propel prices of regional oil grades higher. Dated Brent, which is the benchmark for real-world barrels in Europe, topped $130 this week at one point. #oott https://t.co/36g9v27WWT

Charts on crude net-positioning of non-commercial accounts (=managed money and other reportables) in Brent and WTI futures and options combined (ICE, CFTC) #OOTT latest value is September 15 https://t.co/bL1gSzXUop

Brent settled at USD 103.87/bbl #oott