12 September 2025: 09:30 BST
Wow! Brent really took off after the Asian close and is now flirting with the $67 level again! But the rally came against a jittery backdrop, with the market still scared of the possibility of more Saudi barrels, regardless of the evident reality that those extra barrels are going to committed buyers. And flat price felt the pain as a result, dropping rapidly yesterday afternoon from comfortably above $67 to barely higher than $66 – and today it kept dropping, falling below $66 before the window! It recovered slightly to close at $66.27/bbl. Yet, the prompt spread managed to hold firm at 36c. As we said in Euro 2.176, backwardation is holding and that means people are buying… the price reveals the truth.
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