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Physical Goes Negative

Forties selling weighs on Dated; Iran strikes lift Brent futures, widening gap between paper strength and weak physical.
Published: March 3, 2026
Written by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Harinder Sandhu

Harinder Sandhu

Quantitative Research Associate, Flux
Harinder Sandhu
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The Dated Brent physical differential has declined progressively this past week, falling from $0.44/bbl on 24 Feb and into the negatives, reaching -$0.720/bbl on 02 Mar (assessments per The Officials).

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