Sleeping Volatility: Giant Waiting in the Wings?

In this episode, Greg Newman, Harry Campion-Evans and Harinder Sandhu break down the most explosive move in the fuel oil complex in over a decade.

Singapore 380 cracks have surged to triple the 5-year average, with speculative interest hitting record highs. Is this a sustainable bull run—or a dangerously crowded trade?

The Flux News Show also covers:

The Brent/Dubai spread tightening and its impact on global crude flows
Saudi Arabia's upcoming OSPs and the psychology behind their softer pricing stance
Chinese refineries buying behaviour and forward structure flattening
Singapore fuel oil open interest, profit-taking risks, and signs of a market peak
Regrade signals and how refiners might play the gasoil-fuel oil spread

🔔 Subscribe for weekly insights, smart trade ideas, and real trader talk from the front lines of the oil market. Please note, this episode was recorded at 8:30am BST on 28th May, 2025.

Chapters for this episode are:

0:00 Introduction

0:16 Temperature Gauge: Your Pulse on the Market

8:01 Herd Mentality: What’s Driving the Market?

12:21 Hedge Fund Watch

16:33 Crack Spread Chronicles: Refinery Margins

28:30 The Officials - The Technical Breakdown

34:52 Gold Rush: Where Traders Struck Big!

44:22 Widow Maker: The Market’s Biggest Trading Losses

52:48 Crystal Ball: Trade Ideas & Forward-Looking Analysis

CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs and spread bets. You should consider whether you understand how CFDs and spread bets work and whether you can afford to take the high risk of losing your money.