Mita Chaturvedi
Research Associate, Flux
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Brent drops on US jobs report, sees support into the afternoon
The 13:30 BST drop emerged alongside the release of US non-farm payrolls, which posted a loss of 23,000 jobs in the US in July 2026...
Published: August 7, 2026
Written by:
Mita Chaturvedi
The Oct’26 Brent futures contract climbed from around $81.95/bbl at noon to $82.40/bbl right before 13:30 BST, when it dropped to $81.83/bbl. Prices eased further to $81.50/bbl, but met support here, climbing to $83.38/bbl at 18:08 BST (time of writing).
Brent Futures Flat Price
The 13:30 BST drop emerged alongside the release of US non-farm payrolls, which posted a loss of 23,000 jobs in the US in July 2026 - against an expected rise of 80,000 jobs. This also follows a downwardly revised 20,000 gain in June and is the first negative print since February 2026. In other news, Brazil's state-run Petrobras "will likely" exceed its forecast for oil production in 2026, according to CEO Magda Chambriard, in an earnings call. Chambriard stated that Q2 2026 oil production stood 200kb/d above the company's goal, allowing the firm to produce an average 2.6mb/d against a projected 2.5mb/d. In other news, due to drone attacks in the Black Sea, oil loadings at the Caspian Pipeline Consortium (CPC) reportedly fell more than 20% behind July's schedule to 1.2-1.3mb/d. India's Reliance Industries has paid a record $23-25 million to charter a supertanker to lift Iraqi crude, booking the tanker at 1200 World Scale, 12 times the benchmark freight rate, according to Reuters. Finally, at the time of writing, the Oct/Nov'26 and Oct/Apr'27 Brent futures spreads stand at $1.95/bbl and $7.41/bbl, respectively.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Fuel Oil
In VLSFO, early in the afternoon we saw Sing 0.5 drift lower due to $0.50/mt E/W and Euro crack selling; this reversed in the window due to MOC buying with Euro cracks trading up to $7.90/bbl and Sing cracks up to $20.15/bbl. Sep/Oct'26 Sing traded around $38.75 while Sep/Oct'26 Euro closed around $23.25/mt.
It was a quiet afternoon in HSFO; Chinese arbers were not active, there was smalls buying on 380 flat price, but the crack did not really move, closing around -$9.15/bbl. E/W traded up from $36.75/mt to $41.00/mt before selling off back down to $40.00/mt during the window due to MOC hedging. Barge crack traded down on the back of this from -$8.60/bbl to $9.15/bbl.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Distillates
This afternoon in distillates, Sing gasoil spreads were better bid in Aug/Oct'26, with Sep/Oct'26 trading up to $5.20/bbl. Bal E/W was well offered at -$68.00/mt, while Q4'26 saw real selling down at -$59.50/mt. Regrade was quiet, with Sep'26 trading at -$0.60/bbl, while Sep/Oct'26 kero saw selling at $3.50/bbl.
ICE gasoil spreads sold off initially before firming into the window, with Sep/Dec'26 trading down to $130.00/mt before recovering to $135.00/mt. Cracks firmed overall, with Oct'26 trading up to $64.00/bbl. European jet diffs remained steady, with Oct'26 trading at $90.00/mt while Q4'26 traded at $98.00/mt. Heating oil spreads weakened slightly, while HOGOs firmed, with the Sep'26 HOGO swap firming to 28.70c/gal.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Gasoline
It was a strong afternoon in gasoline. RBBRs rallied around a dollar, and EBOB cracks got bid up from $29.80/bbl to $30.30/bbl, with arbs trading at 8.90c/gal. Spreads has better buyside interest as well, with Sep/Oct'26 trading up from $80.00/mt to highs $84.00/mt. E/W was very thin but weakened from -$12.40/bbl to -$13.25/bbl with Sep'26 92 cracks seeing selling at $16.95/bbl.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Naphtha
It was a relatively quiet afternoon in naphtha, with limited volume outside of the window after the early move. Naphtha MOC was better offered, but Sep'26 cracks improved from around -$4.00/bbl to -$3.45/bbl as real buying supported the window, and spreads came off morning lows, with Sep/Oct'26 trading from $22.00/bbl to around $27.00/mt. E/W dipped slightly on a stronger EU move, with Sep'26 around $39.50/mt, and Q4'26 around $37.50/mt. MOPJ lacked real-side interest, and spreads softened a touch, with Sep/Oct'26 offered around $26.50/mt.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
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