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.
Uncertainty remained the only constant in the oil market this past month. Participants quickly shifted from wearing their “oil glut” hats to “Ukrainian drone attack hats” before ultimately tossing both aside to fret instead about the US government shutdown, the
The Feb’26 Brent futures contract broke the $63/bbl handle this afternoon, before easing to $62.97/bbl at 17:00 GMT (time of writing). In the news, the Caspian Pipeline Consortium (CPC) stated that it has resumed oil shipments from Sing-Point Mooring 1
View: Bearish Target Price: $60-63/bb Downtrend holds in a tense and murky market. Brent is drifting with no real trend and bearish momentum. We anticipate the downtrend to continue and Feb’25 to end the week between $60-63.00/bbl. Geopolitically, there are
In the week ending 25 Nov, the M1 ICE Brent futures contract initially fell from a high of $65.07/bbl on 18 Nov to the week’s low of $61.87/bbl on 21 Nov. Prices met some support here, rising to $62.49/bbl by
Feb’26 Brent futures reached a high of $63.74/bbl at 08.37 GMT this morning before slipping to $63.45/bbl at 10.32 GMT (time of writing). OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026. Despite easing some
The Feb Brent Futures has seen a stronger afternoon, trading steadily up from around $62.70/bbl to $63.24/bbl where it prints at the time of writing, 17:30 GMT…
Feb’26 Brent futures rose overnight, from $62.72/bbl at 01.39 GMT to reach $63.26/bbl at 08.29 GMT before slipping to $63.00/bbl at 10.03 GMT (time of writing). A data centre cooling issue at CME Group has forced a halt in trading
Happy Thanksgiving! Just like a well-stuffed turkey roast, the market has gobbled up refinery margins, with the M1 margin dropping from nearly $16/bbl on 18 Nov to $11.50/bbl on 27 Nov, bringing it back within the 5-year range. Gasoil has
The Feb’26 Brent futures contract traded in the $62/bbl handle this afternoon, from $62.39/bbl at 13:30 GMT to $62.80/bbl at 16:20 GMT. Prices have since settled to $62.64/bbl at 17:00 GMT (time of writing). In the news, Russian President Vladimir
The HSFO market has been under pressure over the fortnight, although both regions continue to hold at, or near, seasonal highs. The Dec’25 3.5% barges crack fell from -$3.20/bbl to around -$5.10/bbl by mid-November but remains at seasonal highs. Open
The Feb’26 Brent futures contract has recovered most of its overnight losses. The contract softened from $62.60/bbl at 20.16 GMT to move between $62.15-62.25/bbl overnight before rising to $62.55/bbl at 09.55 GMT (time of writing). The US envoy Steve Witkoff
In the week ending 25 Nov, the M1 Brent futures contract traded down from $65.07/bbl on 18 Nov to the week’s low of $61.87/bbl on 21 Nov; prices met some support here and rose to $62.49/bbl by the week’s close.
The Feb’26 Brent futures contract climbed this afternoon, from $61.58/bbl at 14:30 GMT to $62.18/bbl at 17:00 GMT (time of writing). In the news, the UK government has announced that it will allow new oil and gas production on or
The Feb’26 Brent futures contract eased from $62.14/bbl at 07:00 GMT to $61.80/bbl at 10:00 GMT (time of writing). In the news, Reuters has reported that Serbia is working on an amendment to the draft budget law that would allow
There has been a complete reversal in the regime since our report last week, with our bullish outlook seeming modest compared to the market’s upswing. There has been buy-side interest in the physical window from Totsa and Trafigura. Players who
