7 October 2025: 16:30 BST
December Brent bounced off a drop below $65 in the early afternoon and spent the rest of the day just above that level, reaching the close at $65.34/bbl. Despite that relatively performance by flat price, the prompt spread went on an adventure up to a high of 49c this afternoon. In the words of a trader, we were gearing up for “another play” as spreads outclassed flat price. But there’s little sign of a concerted play in the North Sea window at the moment, as Vitol continues to prop up the buyside, but other players remain quiet. Trafi has been persistently offering a 3-7 Nov Johan Sverdrup cargo but had been getting nowhere. Today it lowered that down to Dated +$0.20, where, at last, Totsa lifted it – 50c lower than they offered the same cargo yesterday! The physical differential slipped just 1c to 91c.
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