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Turning A Corner

Divergence between weak physical and stronger forward curve and futures sentiment; strength focused in backend Aug into Sep structure
Published: July 21, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
and
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
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There is a major disconnect between the physical and forward curve in Dated Brent, with the physical differential remaining extremely lacklustre below -$1.30/bbl. This is in major contrast to the forward curve that is implying a $2 rally by next week.

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Written by

Vincent Wu

Research Associate, Flux
Vincent Wu

Martha Dowding

Research Associate, Flux
Martha Dowding

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