20 October 2025: 16:30 BST
Despite its downward adventure on Friday morning, Brent isn’t quite ready to slip below $60 just yet, bouncing back to trade around $61 into the early afternoon. The prompt spread dropped to just 12c at the close, while the Jan/Feb’26 spread threatened contango in the window. Outright contango is so close we can taste it! Have we time travelled back more than a decade? There’s more and more talk reminiscent of 2014, as price war narratives mount and increasing paranoia about ‘oil exports vs imports’ with funky shipping numbers. Just remember, folks, don’t believe everything you read!
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