Will Cunliffe
Research Analyst, The Officials
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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.
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.
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