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Bullish Symposium

Bullish Brent structure rolls into February: strong physical, heavy Feb buying, elevated freight, and spreads suggest momentum can persist.
Published: February 3, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
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Last Friday's Brent futures expiry was one of the strongest we've seen for a while, with the cash spread (Mar/Apr'26 BFOETM) trading $1.25/bbl on average, indicating considerable market interest for the March-loading cycle.

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