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Brent/Dubai to 15-Month Highs

Brent spreads surge as Dubai stays weak. Brent/Dubai box hits Oct ’24 highs, strong buying persists, curve well bid, trend entrenched short
Published: January 13, 2026
Written by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
Reviewed by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
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This week saw a fairly similar theme to the previous. This was incredible strength in Brent spreads and DFLs, with Dubai weaker. The physical pricing in Dubai has remained extremely weak, ranging from -50c to -30c in the Jan/Feb '26 Dubai spread.

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