The Run Continues
Dated Brent physical diff soars from $3.40 to $8.82/bbl; Oct'26 DFL nears $10; strength concentrated in 05-09 Oct roll, no reversal in sight
DATED BRENT REPORT
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Dated Dubai Lead-Lag
he current strength comes amid the backdrop of continued Middle Eastern geopolitical uncertainty, dominating conversations during APPEC....
The Sooner the Weaker…
The physical differential inches up with the weakness localised in the prompt weeks
Dated Gets Dragged
Midland dominates Brent trade as Exxon, Shell, Totsa lift cargoes; PetroIneos-Totsa deal sparks bounce, but Chinese selling pressures curve.
Monday Blues
Dated Brent structure capitulates as the front flips into contango; weakness absorbed by the 24-28 Aug CFD
Gone with the (un)wind
However, Sep'26 and Oct'26 DFL have been more resilient amid a Singaporean player buying the Sep'26 DFL in good size....
This Time Is (Diff)erent
Prompt tightness in Dated Brent amid continued CPC disruptions; physical differential nears $4/bbl with all BFOETM grades bid except Brent
CPC Giveth, CPC Taketh Away
CPC disruptions lifted Dated structure, but resumed loadings reversed gains as physical and spreads weakened.
Turning A Corner
Divergence between weak physical and stronger forward curve and futures sentiment; strength focused in backend Aug into Sep structure
Feeling The Pressure
Dated Brent stays under pressure as buy-side remains absent. CFDs sold heavily, while paper rallies faded after short covering.
Slip & Slide
Physical crude stays weak with heavy selling, but stronger buying further along the curve points to better deferred support.
To Catch A Falling Knife
Market weakest since Covid with heavy one-way selling, contango at storage levels, but risk of sharp reversal remains.
Bearish Tides in the North Sea
The market has slowed down, with players largely reluctant to put on plays amid immense geopolitical uncertainty....