Physical Brent widens premium over futures as October echoes April
Physical Brent rose to nearly $150 a barrel while futures stayed near $105. The spread began widening in September and increased further in October.
- published
- in the api
- on the website
on the website stories appear 15 minutes after publication, in the api at once. connect the api →
what happened
Seeking Alpha reported that the value of physical Brent has moved well above futures, with the difference expanding again in October after starting to emerge in September. Carl Quintanilla shared a chart on Monday and said the split could explain JPMorgan’s comment from last week that “October is beginning to look a lot like April.”
The graphic, headed “A widening gap between physical oil and futures,” compares dated Brent with Brent futures over the period from March to October 2026. The two benchmarks generally followed one another during much of the summer, but dated Brent surged in September. In October, it stood close to $150 a barrel, versus roughly $105 for futures.
why it matters
The divergence matters because it highlights a substantial difference between the value of an immediate physical barrel and a futures contract. Its further expansion makes the Brent price structure a key market signal.
instruments
sources
- Physical Brent runs away from futures as October plays April on repeat — Seeking Alpha, 12 October 2026 at 12:27 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
on the website stories appear 15 minutes after publication, in the api at once.
get stories in real time ↗