Daniel Lacalle: Brent forward curve shifts to deeper backwardation amid geopolitical risk

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21 hours ago

Daniel Lacalle: Brent forward curve shifts to deeper backwardation amid geopolitical risk — Brent curve moves to deeper backwardation

Daniel Lacalle, chief economist and investment manager at Tressis Gestion, observes that the Brent forward curve has moved into deeper backwardation due to heightened geopolitical risk impacting the front end.

He adds that while this has led to a notable rise in spot prices, such increases tend to be short-lived and often fade quickly when geopolitical tensions ease.

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Lacalle has previously noted that U.S. WTI oil prices fell below $69 per barrel as geopolitical threats eased and supply conditions returned to normal, according to a past market commentary. In another analysis, he argued that central banks often overlook the role of public spending as a primary driver of inflation, instead focusing on sovereign debt concerns (full article). These past views provide context to his current assessment of oil market reactions to geopolitical risk.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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