Martha Dowding
Research Associate, Flux
Brent Gaps Up and Corrects
Oil hovered near $63 as investor longs eased; crude spreads firmed, while distillates and fuel oil weakened and gasoline was mixed overall.
Published: January 12, 2026
Written by:
Martha Dowding
4 page report
Mar’26 Brent futures gapped up this morning to over $63.50/bbl but has since dropped to $63.00/bbl at the time of writing on 10.18 GMT (time of writing). ICE COT for Brent futures for the week to 06 Jan showed money managers added 6.5mb to their long positions (+2.14%) while adding 12.7mb (+7.21%) to their shorts.
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