Mita Chaturvedi
Research Associate, Flux
Brent eases below $96
The front-month (Jun'26) Brent futures contract climbed to a high of $96.80/bbl at 09:35 BST to $95.50/bbl at 12:15 BST, where it found....
Published: April 16, 2026
Written by:
Mita Chaturvedi
4 page report
The front-month (Jun'26) Brent futures contract climbed to a high of $96.80/bbl at 09:35 BST to $95.50/bbl at 12:15 BST, where it found support and stands at $95.80/bbl at the time of writing (12:35 BST). There is some optimism regarding a ceasefire, with a key Pakistani mediator....
There is some optimism regarding a ceasefire, with a key Pakistani mediator having made a breakthrough on "sticky issues", as per a source of Reuters, although critical issues with Iran's nuclear program remain unresolved. Still, the source said that Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz in the event of a deal to prevent renewed conflict. Meanwhile, the US nearly turned into a net crude exporter for the first time since World War Two, as exports surged to a seven-month high to meet demand from European and Asian buyers. Net imports of crude oil in the US dropped to 66kb/d in the week ending 10 Apr - the lowest on record in weekly data that goes back to 2001, as per the EIA. As per Kpler, about 2.4mb/d (47% of US exports last week) sailed towards Europe, while 1.4mb/d (37%) was headed to Asia, up from 30% a year ago. In Europe, from next month, the European Commission will introduce EU-wide mapping of refining capacity for oil products and introduce measures to ensure capacity is "fully utilised and maintained". The EU is also working on measures to target jet fuel supply ahead of typical summertime demand, but those are still in development. The overall draft plans are due to be published on April 22. Finally, at the time of writing, the Jun/Jul'26 and Jun/Dec'26 Brent futures spreads stand at $4.53/bbl and $13.85/bbl, respectively.
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