Brent oil curve weakens further as prompt supply glut swamps market

Brent prompt traded below prices for delivery out to six months, signaling a near-term crude glut likely driven by rising shipments through the Strait of Hormuz. The backwardation reflects market pressure on front-month pricing as near-term supply builds.

Analysis

Brent prompt traded below prices for delivery out to six months, signaling a near-term crude glut likely driven by rising shipments through the Strait of Hormuz. The backwardation reflects market pressure on front-month pricing as near-term supply builds.