Proprietary oil-swaps data. Nobody else has it.

Flow, positioning and entry levels, in real time, from inside the market that sets the price. Here it is.

Fuel Oil 380 CST Singapore against 3.5% FOB Rotterdam barges, daily, with the desk's annotation calling a downside breakout in the front month

Oct'26 380 East/West traded volume by counterparty type through August, showing tradehouses selling against Onyx from 24 August

From a deep underlying dataset.

Six years engineering it: traded volumes, counterparty types, positioning, entry levels, COT, flow and market structure, read against what the desk is hearing.

A call, graded, time-stamped and pushed.

Between reports, the desk pushes alerts. Each one carries the level that matters, the flow behind it, the fundamental read, and its own metadata: grade, severity, sentiment, window, business date and product group. You can audit a call later because it was stamped when it was made.

Key levels first

Downside and upside levels before the commentary.

Flow, then fundamentals

Who bought, who sold into it, and why it holds.

Graded

Measured or urgent, bullish or bearish. Never vague.

Every call, stamped and searchable.

The full alert history sits in Flux: filter by product group, window, sentiment or business date, and read any call exactly as it was published.

See every call, stamped

Officials alert · medium · crudeSing close

Brent/Dubai: resuming downtrend

Bearish ▼

Key levels: $1.70/bbl key downside; $4–4.40/bbl key upside.

Brent/Dubai resumes its downtrend this week; long upper shadows Tuesday and Wednesday show selling pressure on highs.

Refiner buying in the EFS, but selling into the highs from Chinese participants, a trade house and a major in Sep and Oct’26.

Fundamentals: greater Chinese buying interest in Middle Eastern crude, including from independent refiners, as Russian and Iranian supplies dwindle.

Created 2026-08-27 14:23 UTC

Grade

Measured

Severity

Medium

Sentiment

Bearish

Window

Sing Close

Business date

2026-08-27

Product group

Crude

Fourteen reports. One market.

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Alpha ReportCFTC Weekly AnalysisTrader Meeting NotesSingapore WindowEuropean Window

Commodity reports

Benchmark by benchmark, product by product.

Dated Brent ReportDubai Market ReportFuel Oil ReportGasoline ReportLPG ReportNaphtha Report

Commitment of Traders

Positioning by counterparty, with entry levels.

Commitment of Traders ReportDeep Dive

Data reports

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Refinery Margins Report

Alongside the reports

Top of Mind

The heads of desk podcast: the people pricing the market, on what is on their minds.

Research alerts

Graded, time-stamped calls pushed the moment the desk sees the move.

Articles

Trader Meeting Notes and Desk Head Meeting, written for readers outside the report.

Trader Meeting Notes. The desk, on the record.

Every week the traders pricing crude, fuel oil, gasoil, gasoline, naphtha and LPG say what they saw: the flow, who was on which side, and where it went. Research writes it up product by product, with a named desk quote, a trade idea and one thing to watch.

The Onyx trading floor: rows of desks under banks of screens, traders at work across the room, the Onyx mark on the wall — The meeting · every week · options, product grades, Dubai, LNG, gasoline, naphtha, gasoil, distillates

21 August 2026 · The Officials Research

Weekly insights from Onyx’s trading desks

Every desk in one room, every week: all oil across the barrel, on the record. What each trader saw, the position it supports, and the one thing that could break it.

At a glance

Crude“Relentless offers”Zak Milstein · Dated Brent

Fuel oil“380 East/West is the most important flow”Josh Van Vuuren · Fuel Oil

Distillates“The market feels mispriced”Jensen Martlew · Distillates

Gasoline“Weakness in RBBR is more consistent, possibly intensifying on bearish EIA stats”Freddie Yates-Smith · Gasoline

Naphtha“Trading volumes returned to MOPJ at the end of last week”Anya Parsian · Naphtha

NGLs“Players are less keen to buy LST following the bearish stats”Connor Booth · NGLs

Desk trade ideaOne to watchWhere are we now?

Named quotes

The trader on the desk, not an anonymous "sources said".

Desk trade idea

The position the argument supports, stated plainly.

One to watch

What could break the view before next week.

Every idea we publish. Marked to market.

Get the next call first

The Alpha Report logs each trade idea with its entry, target and stop, then records what happened to it. Here is the record.

438

trade ideas published

January 2023 to August 2026, every one logged

59%

hit rate on resolved ideas

201 took profit, 139 stopped out

$2.5m

cumulative P&L

At a flat $10,000 risked per idea

2:1

average win against average loss

$19,075 won, $9,604 lost

The Officials Research · available through Flux