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Dated Brent Supplementary Report – One Last Bullish Hurrah

2 min read

Market Update

Over the past week, the Dated Brent market has been undoubtedly bullish as physical differentials rose from $0.28/bbl to $0.55/bbl between 28 Oct to 4 Nov. Petroineos have been consistent bidders, whilst Geneva-based trade houses were bidding Forties, lending support to near-term physical demand. Brent’s flat price has been buoyed by OPEC+ delaying plans to increase output, which has also lent support to Brent spreads. In addition, rising gasoil prices have improved refinery margins, providing a more supportive backdrop for crude. The Nov’24 DFL has risen from $0.30/bbl to $0.50/bbl w/w, while deferred spreads have largely corrected higher after initially seeing a drastic drop at the beginning of last week (28 Oct to 01 Nov) following the deflation of geopolitical risk.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.