Brent: Geopolitics and cracks drive Q3 surge – Rabobank
Rabobank highlights a sharp Q3 rally in Brent Oil, rising from $73 to $104, with the 3-2-1 crack spread jumping from $17 to $62. The effective move from $90 to $166 underscores tightening energy markets.
Rabobank reports a significant surge in Brent Oil prices from Q3, spiking from $73 to $104 per barrel. The 3-2-1 crack spread similarly expanded from $17 to $62, underscoring tightened energy markets. At present, Brent oil is trading at $104, a substantial increase from its Q3 start price of $73. The 3-2-1 crack spread has also risen to $62 from its original $17, marking a more substantial change than the oil price alone.
This shift aligns with the FT's observation that oil prices and US Treasury yields maintain the tightest relationship since the late Cold War era, highlighting the role of geopolitical factors. The article was AI-assisted and reviewed by an editor.
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