Vincent Wu
Research Associate, Flux
Brent Spreads Strengthen Into Expiry
The front Mar/Apr'26 Brent futures spread reached highs of $1/bbl ahead of expiry this Friday.
Published: January 28, 2026
Written by:
Vincent Wu
Front Mar/Apr'26 Brent futures spread targets a price of $1/bbl ahead of expiry this Friday.
The 20c rally happened on Tuesday after prices cleared 80c/bbl. Without fund roll pressure, this has removed a bearish factor for prices.
Fundamentally, this signals confidence in continued physical strength, and before spring refinery maintenance. There is also good buying interest in March structure in the paper.
However, at these higher levels, Brent spreads at risk of being oversaturated to buy side, so we could see opportunistic sellers enter into expiry.
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