2 October 2025: 16:30 BST
Price war? It certainly feels like the market is being put through the ringer today. Brent dropped to under $65 and struggled to get it back up, wobbling around as though dazed into the early afternoon. Pre-window, however, it dropped to the mid-$64 range – its lowest in months! And then it kept going, now flirting with the $63 handle at the time of writing. The flat and even contango spreads are gradually creeping forward, as now the Apr/May spread is slipping into a few cents of contango. While China’s away, the bears come out to play!
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