Brent
Commentators focus on a divergence: refined products are extremely tight while crude, including Brent, has been notably weaker in the prompt, with term structure softness and even contango at times despite ongoing geopolitical risks 54. Patrick Ceresna highlights a sharp rebound, saying Brent has almost recovered to 100 after a 35% crude rally in three weeks and that oil vol remains well below prior spikes, enabling options strategies 1. Jeff(rey) Currie and Rory Johnston both stress that products, not crude, are setting the real signal; Johnston notes ~$79 Brent alongside seasonally extreme crack spreads, while Currie argues the “abundance illusion” from SPRs and substitutions is fading as the system enters a stretched second phase with low inventories and chokepoint risks 42. Anas Alhajji pushes back on permabull narratives, contending Brent around 75–85 reflects a temporarily balanced market after demand destruction from earlier price spikes, unless new chokepoint closures emerge 3.
From the window to Aug 1, 05:30 ET — this window's take is still to be written.
Where the voices land
Nobody took a position in august 2026.
Mentions
10 in August 2026Stories it travels in
i
The stories
- ○ a voice, on the left
- ◌ a voice raising half of these
- ● a subject, on the right, under its story
- ⌒ a line is a voice raising a subject — thicker, more items; colour is the story
The stories this entity travels in: on the right, each story with the subjects seen alongside it; on the left, the voices that raised them, and a line for every subject a voice raised, bundled by story. Tap a voice to light everything it raises, a subject for who raised it, a story for its own lines. The crumb goes back.
Who brings it up
- Anas Alhajji 2 mentions
- Tracy Shuchart (𝒞𝒽𝒾 ) 2 mentions
- Jeffrey Currie ++ 1 mention
- Jack Farley 1 mention
- Bob Elliott 1 mention
- Michael Howell 1 mention
- Rory Johnston 1 mention
- Tian Yang 1 mention
See what your own voices say about Brent, every morning.
Start a desk