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Brent timespread backwardation exceeds $10 per barrel, Rory Johnston notes
Brent crude oil's prompt timespread has moved into backwardation of over $10 per barrel, setting another all-time record.
This development was highlighted by Rory Johnston, underscoring significant market dynamics in the oil sector.
Earlier, Platts Dubai crude prices rose above $150 per barrel as buyers competed for Middle East supply, according to Rory Johnston. Johnston also estimated that a Kuwaiti VLCC attack could move WTI crude by $1 to $1.50 per barrel, noting recent market reactions in another report. These events highlight persistent price movements in global crude markets.
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