Market Update
Over the past week, the Dated Brent market has been volatile and at the mercy of Brent futures momentum. Structure has firmed and weakened alongside the fluctuations of the futures market, where the increasing geopolitical risk premium and the perceived threat of potential Israeli retaliation against Iranian oil infrastructure, bolstered by the unwinding of short positions, helped propel flat price above $80/bbl on 7 Oct. However, price action weakened on 8 Oct, likely on profit-taking flow as traders took stock of bearish factors, including macroeconomic considerations, with the market tentative on China as its government holds off on fiscal stimulus, alongside perennial speculation on OPEC+ supply management decisions.
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