All hell broke loose this week as the Bears came in with a bang. The Dated Brent market was not immune to the chaos that ran amok global financial markets at large. The poor US jobs reading was the tinderbox that catalysed the worldwide sell-off, and a bloodbath ensued. For our readers outside of Japan, it is one less bowl of ramen or can of Strong Zero on your upcoming trip to the land of the rising sun as investors unwound their carry trades, prompting a mass exodus from the Nikkei. Of course, the Great Unwind penetrated the oil futures complex, hammering Brent to its lowest level this year. The weakness followed into Brent spreads, and Dated Brent capitulated big time. But just as the market embraces short-termism, calling for emergency rate cuts like petulant children, this is what the Dated Brent market has always been about. Every week tells a fresh new narrative.
