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Are The Bulls Getting Nervous?

Physical buying lifted sentiment; freight tight keeps arb shut; paper rolls bid, but physical conviction questioned.
Published: February 10, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
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This past week saw the physical differential ease from $1.235/bbl on 03 Feb to $1.060/bbl on 05 Feb, before a reversal saw the physical differential trade up to $1.810/bbl on 09 Feb (assessments by The Officials).

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