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Breaking up again

We had a blast at IP Week and so did Brent flat price. The bulls turn more bullish whereas the bears are hiding.
Published: February 11, 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe
and
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, The Officials
Jorge Montepeque
Edition: Euro Edition
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We had a blast at IP Week and so did Brent flat price. The bulls turn more bullish whereas the bears are hiding.

Brent broke $70! For the first time in February, in the early afternoon, flat price got to near its heights of peak mania over the US striking Iran at the end of January – but fell back to $69.97/bbl by the close. The structure felt some benefit too, with the prompt spread rising to a high of 79c before falling to the close at 74c. The consensus is for a slight weakening this year, with WoodMac forecasting $61.50 as an average for Brent this year and $60.50 in 2027.

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The Officials publish outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.

We invite you to read our reports, which are published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.

Written by

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett

About Euro Edition

Benchmark reports published at the end of the London trading day.

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