The Boussinesq equations for Rayleigh–Bénard convection are simulated for a cylindrical container with an aspect ratio near 1.5. The transition from an axisymmetric stationary flow to time-dependent flows is studied using nonlinear simulations, linear stability analysis and bifurcation theory. At a Rayleigh number near 25000, the axisymmetric flow becomes unstable to standing or travelling azimuthal waves. The standing waves are slightly unstable to travelling waves. This scenario is identified as a Hopf bifurcation in a system with $O(2)$ symmetry.