Market Update
Over the past week, the Dated Brent market has been unmistakably rangebound. The front Brent spread mean reverted around 40c, and the geopolitical risk premium normalised in the flat price in lieu of genuine, bullish movements from either side as third parties try eagerly to resolve and or protect energy security ahead of the US election in particular. The prompt DFL fell to -10c/bbl on 15 Oct as spreads and the flat price came off on the news that the Washington Post reported Israel would not strike Iranian Energy, alongside British majors and Geneva trade houses offering Ekofisk, moving the physical diff to around 16c. The physical diff weakened following this, but the DFL recovered to 18c/bbl on 22 Oct in thin trading.
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