Mita Chaturvedi
Research Associate, Flux
Brent remains at pre-war levels on easing supply tightness
The Aug'26 Brent futures contract has seen better support this afternoon and climbed from $72.67/bbl at noon to $74.85/bbl at 16:17 BST....
Published: June 25, 2026
Written by:
Mita Chaturvedi
The Aug'26 Brent futures contract has seen better support this afternoon and climbed from $72.67/bbl at noon to $74.85/bbl at 16:17 BST, where it briefly met resistance but quickly bounced from $74.40/bbl to standing at $74.80/bbl at 18:09 BST (time of writing).....
Brent Futures Flat Price
The Israeli defence minister, Israel Katz, has said that Israeli troops would not withdraw from southern Lebanon, which may complicate Iran peace talks. However, oil continues to flow via the Strait of Hormuz, with the front-spread still in contango, although it climbed from a low of -$0.41/bbl on 25 Jun to -$0.20/bbl at the time of writing. In other news, US Q1'26 GDP was revised from 1.6% to 2.1%. The 0.5% increase emerged from a 0.5% downside revision to imports, mostly consumer and capital goods, but was partially offset by a downgrade to consumer spending. Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 215,000 in the week ending 20 Jun, as per the US Labor Department. Also in the US, PCE inflation stood at 4.1% y/y in May, breaking above 4% for the first time in three years. Finally, at the time of writing, the Aug/Sep and Aug/Feb'26 Brent futures spreads stand at -$0.20/bbl and $1.78/bbl, respectively.
Prices are delayed and should be treated as indicative only. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Crude Oil
This afternoon in Dated Brent, we saw the front of the curve go better offered with selling out of 29-3 Jul and 6-10 Jul, whilst the back end of Jul remained better supported. In the physical window, we saw a major offering Brent, a major offering Forties and another major offering Midland, but the implied phys diff remained unchanged at around -70c. In the paper window, we saw a trade and major selling 6-10 Jul CFD down to -$1.2/bbl and 13-17 Jul CFD down to -$0.88/bbl. We also saw a major selling 20-24 CFD down to -$0.65/bbl.
Fuel Oil
A largely quiet afternoon in VLSFO. The Sing cracks traded up a touch to $14.50/bbl without a clear axe in the market. Sing spreads were also largely rangebound with Jul/Aug trading around $20.25/mt. Euro spreads came under some pressure this afternoon, with physical selling coming in on Jul/Aug Euro, which saw it trade down to $26.75/mt. The Euro crack was a touch weaker with Jul closing the day around $8.55/bbl.
Another illiquid afternoon in HSFO. Barge cracks sold down into the window, with weight added from MOC selling with Jul'26 cracks down to -$9.20/bbl and 380 E/W strengthening to $13/mt. 380 cracks remain relatively unchanged, with Jul/Aug'26 380 showing signs of breaking out from the -$0.25/0.25 range.
Prices are delayed and should be treated as indicative only. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Distillates
This afternoon in distillates, Sing gasoil spreads were scale-back offered on higher ICE gasoil, pressuring front E/W, which was hit from -$46/mt down to -$49/mt. Aug/Nov kero spread selling at $5.40/bbl pushed front regrade lower, with August moving from -$1.25/bbl down to -$1.31/bbl, hit on screen.
Prompt ICE gasoil spreads rallied throughout the afternoon, with Sep/Dec trading from $59.00/mt up to $66.25/mt, while August cracks rallied from $42.50/bbl up to $44.50/bbl. European jet diffs came under pressure in the front, with July trading from $56.00/mt down to $54.50/mt. Heating oil spreads rallied, while HOGOs were rangebound, with the July HOGO swap trading at 31.70c/gal.
Prices are delayed and should be treated as indicative only. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Gasoline
This afternoon in gasoline, EBOB flat price traded at $887/mt at the end of the window, with MOC balanced. Gasoline ripped this afternoon, with RBBRs trading up over a dollar. Arbs saw scale-back selling as they firmed from 32.30c/gal to 33c/gal in July. EBOB cracks were better bid up from $30.90/bbl to $31.70bbl in July, and Jul/Aug rallied from $31.25/mt to $34/mt. Gasoline E/W was balanced around -$10.45/bbl as 92 cracks rallied from $20.30/bbl to $21.20/bbl.
Naphtha
This afternoon in Naphtha, MOC better bid with the July Nap crack trading up to -$3.95/bbl end of window. Buying in the front crack remained firm on higher crude, seeing spreads and crack rolls price higher. Little outright interest on Jul/Aug spread this afternoon, with Aug/Sep finding buying at $10.50/mt with the Aug/Sep/Oct fly seeing sell-side interest and valued at $3.25/mt. Q4 crack has some buying from real at -$7.15/bl with Cal Nap crack getting lifted up to -$8.50/bbl, offered on.
Prices are delayed and should be treated as indicative only. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
NGLs
This afternoon in NGLs, we had prompt and deferred interest in FEI spreads, seeing Aug/Sep trade at -$1/mt and Mar/Apr ’27 get lifted at $18/mt. Jul LSTFEI was trading at -$185/mt, down slightly from the morning’s close trading level, and weakened to settle at -$186.5/mt at the close. The Q3/4 26 LST/FEI roll also traded at -$3.5/mt. Had a Q4 FEI/MOPJ buyer at -$68/mt, down from -$59/mt at last night’s close. LST was strong today with flat price stepping up this afternoon. Spreads had better buy-side interest, with Jul/Aug lifted at -0.50c/gal, and Aug/Sep at the same level, both strengthening to -0.375c/gal end window. In butane, spreads were also better bid in C4 ENT, with Jul/Aug -0.25c/gal, and Aug/Sep at flat. The Nov26-Feb27 strip was also trading at 90.5c/gal. We also had a seller of a cargo of C4ENT/C3ENT at 19.75c/gal that was traded across the afternoon.
Prices are delayed and should be treated as indicative only. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
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