After collapsing earlier in the year, benchmark Brent prices have risen by 75% since April thanks to OPEC+'s agreement for 9.7MM b/d in cuts. In addition, improved fundamentals in physical markets have pushed the Dated Brent, Forties, Oseberg, or Ekofisk physical benchmark from a $10/bbl discount to ICE Brent crude futures to below a $2/bbl discount as a result of 10MM bbl in withheld supply. Also, the front-month Dubai crude swaps inter-month has flipped from a contango to a backwardation.
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