The Death of Options, the Rise of Physical: Oil’s Summer Shift

In this week’s episode of the Flux News Show, Greg Newman, Harry Campion-Evans, and Mita Chaturvedi break down why middle distillates like diesel are defying the trend and driving oil markets.  They dive deep into the distillates rally, unpacking how chronically low stocks, disjointed refining activity, and CTA-led momentum flipped what looked like a stop-out into a full-blown bull run. Meanwhile, soaring diesel-led margins and rare summer tightness in the physical market are reshaping the narrative on cracks and spreads — and few saw it coming. The team also touches on new hedge fund launches, the shifting macro backdrop around US–EU trade tensions, and the latest on the Murban pricing saga, as PLATTS faces scrutiny over a controversial methodology tweak. In the Crystal Ball, Greg, Harry, and Mita debate whether the distillate tightness is here to stay - and what it means for Brent, refinery utilization, and product flows heading into peak demand season.  📲 Make the move to Flux: As mentioned in the show, our more technical content will be moving to Flux.live. Learn more and sign up - or start with a free trial: https://www.flux.live/ 📈 Want to trade? Get a behind-the-scenes look at how the pros express views with relative value trades, uncorrelated contracts, and smart positioning. This episode is rich in education for newer traders, and deep enough for veterans hunting asymmetric opportunities. All the trades discussed are live on Onyx Markets, where you can practice, simulate, or dive in. Visit  https://onyxmarkets.co.uk/ 🔔 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 22nd July, 2025. 👉 Trade for free with Onyx Markets:  https://onyxmarkets.co.uk/ 👉 Get industry-grade data on Flux Terminal:  https://www.onyxcapitalgroup.com/flux 👉 The Officials report:  https://www.flux.live/the-official-re... 👉 Oil swaps dictionary:  https://www.onyxmarkets.co.uk/oil-sw  https://linktr.ee/onyxcapitalgroup   Follow us: YouTube: https://www.youtube.com/@worldofoilderivatives LinkedIn: https://www.linkedin.com/company/onyx-capitalgroup/ X:  https://x.com/Onyx__Edge Instagram: https://www.instagram.com/onyxcgroup/ 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.