Mita Chaturvedi
Research Associate, Flux
Brent surges past $101/bbl
The Jun'26 Brent futures contract kept attempting to climb the $100/bbl this afternoon, initially meeting resistance before finally....
Published: April 22, 2026
Written by:
Mita Chaturvedi
4 page report
The Jun'26 Brent futures contract kept attempting to climb the $100/bbl this afternoon, initially meeting resistance before finally breaking above $101/bbl at around 15:50 BST. At 17:40 BST (time of writing), the contract stands at $101.87/bbl....
The EIA released data on US oil inventories over the week ending 17 Apr at 15:30 BST this afternoon. US crude stocks climbed by 1.9mb w/w, while gasoline and distillate stocks saw draws of 4.57mb and 3.4mb, respectively. US distillate inventories now stand 7% (8.13mb) below the 5-year average at 108.13mb. Gasoline inventories sit roughly in line with their 5-year average at 228.37mb. Elsewhere, at least three container ships were hit by gunfire in the Strait of Hormuz today, and Iran's Revolutionary Guards Navy seized two vessels for alleged "maritime violations" and transferred them to Iranian shores. The European Union is considering requiring countries to hold stockpiles of jet fuel, and possibly redistribute this stock based on regional needs and shortages, according to EU Energy Commissioner Dan Jorgensen, who said this to Reuters. Meanwhile, as of 20 Apr, oil stocks at the UAE Port of Fujairah fell to a nine-year low of 7.45mb, as per FOIZ/Platts, marking a decline of 2.278mb w/w. Light distillate stocks fell 42.79% w/w to 2.753mb, middle distillate stocks were up 13.7% w/w to 1.14mb and residual fuel oil stocks fell 8.8% w/w to 3.561mb. Finally, at the time of writing, the Jun/Jul'26 and Jun/Dec'26 Brent futures spreads stand at $5.46/bbl and $18.68/bbl, respectively.
Related News
Stalemate
Dated Brent has weakened significantly w/w, with the physical differential dropping from around $18.60/bbl on 14 Apr to $7.295/bbl....
6 reports
Bull-Bear Switcheroo
Sentiment reverses in US and Asia propane; de-escalation and demand destruction weaken FEI; strong buying in LST/FEI arb
17 page report
Brent Briefly Trades Above $100/bbl
Brent briefly trades above $100 on uncertainty around peace talks and further attacks on ships; Chinese majors sell WAF crude cargos
4 page report
Brent briefly hits $99/bbl
Uncertainty looms ahead of the ceasefire deadline on Wednesday....
4 page report