The past fortnight forced the May Brent/Dubai out of its range, with price action plummeting from +15c/bbl on Mar 25 to a low of -40c/bbl on Apr 02. However, on Mar 28 the May/Jun Brent/Dubai box ticked up 9c d-o-d to -10c/bbl – highlighting that the front Brent/Dubai may not be as offered anymore. In line with this narrative and strengthening Brent spreads lending support, the May Brent/Dubai contract surged back up to +10c/bbl come Apr 05.
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