The team discusses the current Brent flat price (around $83/bbl), with prices down due to concerns about China's economic situation and traders now discounting geopolitical risk. Greg, Vincent, and Martha mention a decline in managed money positions in recent weeks, contributing to an overall bearish outlook in the oil market. Vincent predicts the bullish factor in the market for Q4.
Greg expresses a lack of confidence in the direction of the crude oil market due to various factors, including OPEC's actions, while highlighting conviction in the gasoline market.
Martha brings forward her trade idea for the week. She’s been looking at gasoline recently which has seen a strong physical market in the East and Europe, with the consensus being that east is powering the market at the moment and in order to show that we are going to go long, we think the best risk reward for this is in the front 92 spread.
