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Brent Oil Near-Term Spread Turns to Futures Premium for First Time Since February as Supply Surplus Expectations Emerge

AirdropBlackHole
On June 24, as the U.S.-Iran agreement reopened the Strait of Hormuz, oil supply in the Middle East increased. The near-term spread for Brent crude oil turned to a futures premium for the first time since February, meaning the price of the near-term contract is lower than that of the next month’s contract. This structure typically indicates expectations of a supply surplus. This is the latest signal in a series indicating that the oil market is softening as physical crude oil premiums decline. Earlier today, Brent crude prices fell below $75 per barrel for the first time since the outbreak of the Iran war. Additionally, a similar trend was observed recently in the Dubai market in the Middle East before Brent crude turned to a futures premium.
BZ1.25%
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