Mita Chaturvedi
Research Associate, Flux
Long-term longing
X
Published: 9 January 2026
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Mita Chaturvedi
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90-day Jan'26 EBOB crack longs are now out of the money based on Flux Insight's entry-level estimates. We still see around 540kb of net buying vs Onyx, leaving these players vulnerable to stopping out.
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Flow-wise, we have seen good trade house selling vs Onyx behind the weakness this week, taking their net long position from -660kb on 08 Dec to -2.4mb on 12 Dec.
Watch for a potential retracement to the neckline of this triangle at $12.25/bbl. A good technical sell-side signal would then be a resistance at the neckline, while a break above the neckline would encourage further support.
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