23 October 2025: 16:30 BST
Onto flat price action, Brent futures have bounded up on today’s news, throughout the session, hitting fresh highs and trading above $66 post-window. We have now broken this imaginary ceiling that was haunting us since 9 October! Meanwhile, spreads are in happy land too: the prompt Brent spread reached 65c by the close and it has now reached a new high of 75c! In terms of the curve, we’re in backwardation almost throughout the 2026 spreads!
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