Key Oil-Market Gauge Rallies as Russian Crude Exports Threatened
- Ukrainian drone strike causes fire at Novatek gas terminal
- Libya’s Sharara field is restarting; Houthis menace Red Sea
A key oil-market gauge is signaling a stronger underlying physical market as Ukrainian drone strikes threaten Russian oil exports.
Global benchmark Brent crude’s front-month futures are trading at a 46-cent premium to the next contract, near the highest since November, excluding expiration days. That measure, known as the prompt spread, is a critical barometer for supply and demand and has been bolstered by rising geopolitical risks even as front-month prices remain rangebound.