Please note that there will be a hiatus in the publication of reports between 22nd December and 2nd January due to the Christmas period. Reports will be published as normal from Monday 5th January 2026.
The May Brent futures contract opened around low $87/bbl levels this morning, and has corrected slightly lower since, settling around $86.72/bbl at the time of writing (10:10 GMT).
In January, we saw a very bullish market, with genuine supply tightness, and what we ended up with was a market that jumped the gun, and got too short too soon ahead of maintenance.
This afternoon witnessed another win for the crude bulls amid the May Brent futures contract rallying to $87.60/bbl at 17:25 GMT (time of writing). The contract hit its highest value since October 2023.
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The May Brent futures contract has seen a quiet start in the early hours of the morning at around $86.70/bbl levels before seeing volatility enter the market from around 07:00 GMT, with prices oscillating between $86.92/bbl and $86.49/bbl at 09:00
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Prompt Brent futures flat price has witnessed a strong, yet volatile, afternoon period with prices supported from lows of $85.47/bbl at 12:50 GMT to print at $86.59/bbl at 16:50 GMT.
For the week to Mar 12, the crude futures witnessed an atmosphere of bearishness from money managers. Total long positions in Brent and WTI declined by 12.5mbbls (-2.40%) whilst total short positions climbed by 3.5mbbls (+3.04%).
After surging to four-month highs towards the end of last week, May Brent futures started the week in a similar vein, strengthening to briefly surpass the $86/bbl mark and record a near 5% increase week-on-week.
The May Brent futures contract clocked in a volatile morning today with prices surging up to $86.20/bbl at 08:50 GMT, dropping to $85.80/bbl handles around 09:10 GMT but ultimately correcting upwards, hovering just below $86/bbl at 10:20 GMT.
Crude flat price remained supported above $85/bbl levels on Friday afternoon, trading at $85.33/bbl at 17:20 GMT. Prices saw a very comfortable weekly gain, topping $85/bbl for the first time since November.
Brent crude flat price inched lower into Friday, pairing back from four-month highs, as some players look to take profit on their length, while a stronger dollar added some slight pressure.
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An exemplary day for the crude bulls as Brent flat price rallied sharply, breaking into $85/bbl handles, hovering around $85.45/bbl at the time of writing (16.50 GMT).
Just when we were lamenting the sideways action in crude flat price this year, Brent broke out to the upside on Wednesday as prices reached four-month highs at the $85/bbl level. The stars aligned this week as tightening supply around
