Brent spreads: room for more?

Published at 08:44 10 Oct 2012 by . Last edited 11:17 22 Aug 2019.

The constant deferrals of North Sea cargoes, together with the further delay in the return of Buzzard oilfield, have rekindled memories of last year's issues, skewing market positioning and supporting the Brent structure. While we retain our position that crude will remain well bid once the refineries return from maintenance, we are cognizant of the price moves in the Forties, Dated Brent and Brent structure in recent days. Should deferrals ease and more emerge on the rising supplies from FSU, Iraq and Saudi Arabia, then together with lower demand from China, the market risks being caught long. This makes us less favourable towards positioning for a runaway strength in Brent spreads in Q4 from current levels.​

Log in to download

Other Other publications

IP Week Reception 2017

Published 2 years ago

IP Week Reception 2017 cover
Thank you to all of you who attended the Energy Aspects 2017 IP Week event in London yesterday. I..

Read more

Saudi Arabia’s Oil Policy

Published 3 years ago

Saudi Arabia’s Oil Policy cover
In this special insight, we examine whether there is any basis to recent speculation that Saudi A..

Read more

Range-bound oil markets (conference call)

Published 4 years ago

Range-bound oil markets (conference call) cover
Range-bound oil markets? Brent has found a floor at $60 but is unable to find the momentum to bre..

Read more

Crude oil presentation (IP Week reception 2015)

Published 4 years ago

Crude oil presentation (IP Week reception 2015) cover
Recording of Amrita Sen's presentation at Energy Aspects' IP week client reception at Haymarket H..

Read more

Jet fuel outlook 2013

Published 6 years ago

Jet fuel outlook 2013 cover
In 2012-to-November, total airline passenger traffic was higher y/y by 5.3% and freight was lower..

Read more