Flux Markets | Breaking up again Skip to main content

Breaking up again

We had a blast at IP Week and so did Brent flat price. The bulls turn more bullish whereas the bears are hiding.
Published: February 11, 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, Flux
Will Cunliffe
,
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, Flux
Edward Hayden-Briffett
and
Spyridon Kokas

Spyridon Kokas

Research Analyst, Flux
Spyridon Kokas
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, Flux
Jorge Montepeque
Edition: Euro Edition
Share

We had a blast at IP Week and so did Brent flat price. The bulls turn more bullish whereas the bears are hiding.

Brent broke $70! For the first time in February, in the early afternoon, flat price got to near its heights of peak mania over the US striking Iran at the end of January – but fell back to $69.97/bbl by the close. The structure felt some benefit too, with the prompt spread rising to a high of 79c before falling to the close at 74c. The consensus is for a slight weakening this year, with WoodMac forecasting $61.50 as an average for Brent this year and $60.50 in 2027.

Premium Content

To continue reading this page, please login or find our about our subscription options.

The Officials publish outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.

We invite you to read our reports, which are published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.

Related News

Brent Breaks $70/bbl

OPEC sees Q2 demand dip; US energy chief visits Venezuela; Cuba fuel crisis halts flights.
4 page report
11 February 2026

Reassessing the Risk Premium

See all the updates across the barrel, as well as six contracts to watch.
6 reports
11 February 2026

A sting in the tail of IE week

Edition: Asia Edition
It’s a short but intense week in London. There are fewer events today than on Monday and Tuesday, as many foreign visitors leave early tomor
11 February 2026

More about
Donald Trump

Away from the desks

Edition: Euro Edition
Everybody is busy partying and flat price is doing its own things!
10 February 2026

Arguments in the echo chamber

Edition: Asia Edition
IE Week is clearly underway and Brent is trading in the $68-69 as the market revises the super glut down.
10 February 2026

To the moon

Edition: Euro Edition
IE Week kicks off, Dangote's bold claims and the US' leaky purse
9 February 2026