30 October 2024: 16:30 GMT
Ahead of tomorrow’s expiry, physical diffs remain backwardated, at around 40c, though the macro picture is little changed. Geopolitical concerns have eased since last week, yet Brent flat price is stubbornly maintaining the $72 handle, with 37c of backwardation in the front spread. But, at 12:25 GMT, a headline reporting OPEC could postpone its supply cut unwind sent flat price straight upwards. We’re still susceptible to aggressive headline moves in such a jittery market, but it’s only a matter of time before the 60s come a-knocking.
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