Market Update
The Dated market has seen a supported fortnight, with the soon-to-be Bal Oct’24 DFL rallying from a small contango on 10 Sep to nearly hitting $1/bbl by 23 Sep before softening to $0.65/bbl the following day (at the time of writing). At this time, both Dated Brent and Brent spreads remained supported, although the past couple of days have seen more downward pressure in the Nov/Dec Brent futures spread, which simmered off from an intraday high of $0.90/bbl on 20 Sep to $0.70/bbl on 24 Sep.
