The bears had their turn over the festive period, and the Dated Brent bulls have entered 2025 fully locked in. Physical differentials climbed above $0/bbl on 06 Jan, and the direction and momentum of the physical will dictate the market sentiment in the coming weeks. The theme over the Christmas period was bearish, where the physical differential was pressured below $0/bbl. We saw two trade houses and a major offer the prompt weeks, which saw the 23-27 Dec, 30-03 Jan, and 6-10 Jan crater. In addition, a significant buyer had disappeared from the bid side, which was significant. However, the new year has brought in new themes.
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