Apr. 3 at 1:00 PM
OIL MARKET FLASH: Physical Brent is screaming stress right now.
Spot prices have surged to ~
$141.36/bbl, levels not seen since the 2008 crisis, while futures are lagging far behind (~
$109 for June). That’s a ~
$32 spread — a major signal that real-world supply is tightening fast.
According to
$SPGI, this gap reflects extreme strain in the physical market, with flows disrupted and logistics tightening. When spot > futures by this much, it’s not normal — it’s a warning.
Energy experts point out futures may be underpricing risk, while key products like diesel in Europe are approaching ~
$200/bbl. Meanwhile,
$CVX leadership has cautioned that the market is still pricing “perception” rather than actual physical constraints.
If these disruptions persist, energy markets could see more volatility ahead.
This isn’t just a chart move — it’s a supply shock unfolding in real time.
