10 February 2025: 16:30 GMT
The market is turning. And crude is up and breaking through the downward channel. Why? Gasoil/heating oil have been supporting crude, but gasoline tanked in the West today. And fuel oil is the darling. Brent found support at $74.10/bbl Thursday and is now perking up. Just yet, not convincingly, if gasoline is in trouble.
Throughout the London morning, Brent climbed towards $75.50/bbl, where it settled in for the rest of the day until rising through the window. Despite this flat price recovery, the front month spread remained stubbornly in the low 40c region, apart from some very brief lunges to 46c. By the close, it had declined again, to 43c. Even as the Dubai structure is doing its utmost to hold onto its recent strength (the physical premium was still $3.34 as of this morning), Brent’s structure has suffered since early Feb.
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