Daily Brief

Daily Market Briefs

One short note per trading day: the levels that moved, the size of the move, and the reason behind it. These are the working notes behind the weekly report, published on their own day rather than folded into it.

A brief is not the weekly analysis. The weekly report synthesises five of these into one argument; the brief records a single session while it is still current. Prices, ranges and computed statistics stay on the series pages.

Latest edition 6 Nov 2026 · 15 briefs published

6 Nov 2026Daily

Egypt cut output. Urea prices still fell.

Weak buying interest continues to outweigh production cuts.

5 Nov 2026Daily

Freight is falling. Diesel supply risks remain.

Brent partially rebounded while Dubai weakened sharply. Brent Jan: $98.29/b ↑$3.67 · Dubai Jan: $92.85/b ↓$8.04 Dated Brent: $95.98/b ↓$0.18.

4 Nov 2026Daily

Crude broke lower while Hormuz kept its premium

Crude broke lower. Freight softened globally. European products followed. But Hormuz still trades at a major premium.

2 Nov 2026Daily

Dubai cash/futures premium collapsed from +$7.13/b to just +$0.30/b.

Crude collapsed. Dubai’s physical premium nearly disappeared. European products sold off hard.

30 Oct 2026Daily

Daily Market Brief — 30 Oct 2026

Hormuz risk is back in focus. Dubai rebounded, tanker premiums remain extreme, European jet stocks hit a 12-year low — and TTF moved above €103/MWh.

29 Oct 2026Daily

Cash Dubai premium: +$5.07/b ↓$0.61

Crude sold off again. Dubai weakened for a fifth straight session. European distillates followed lower. But Hormuz freight is still trading in a different universe.

28 Oct 2026Daily

Daily Market Brief — 28 Oct 2026

Brent rebounded. Dubai kept weakening. Hormuz freight stayed structurally expensive. European naphtha tightened. And TTF pushed back above €100/MWh.

27 Oct 2026Daily

Daily Market Brief — 27 Oct 2026

Crude sold off hard. Europe followed lower. But freight risk around Hormuz remains extreme.

26 Oct 2026Daily

Daily Market Brief — 26 Oct 2026

The market is splitting harder by geography.

23 Oct 2026Daily

Daily Market Brief — 23 Oct 2026

Brent jumped. Middle East freight split widened again. European distillates strengthened. And jet inventories tightened on both sides of the market.

22 Oct 2026Daily

Daily Market Brief — 22 Oct 2026

Dubai strengthened sharply. Brent jumped. Inside-Hormuz freight remains detached from the rest of the tanker market. And crude differentials in the Atlantic are still being crushed by freight and war-risk costs.

21 Oct 2026Daily

Dec Brent–Dubai swap-swap: −$2.38/b

VLCC freight outside the Gulf is falling fast. Inside-Hormuz freight remains structurally expensive. Jet is weakening in Asia, while European product balances remain tight.

20 Oct 2026Daily

Daily Market Brief — 20 Oct 2026

No VLCC crossed the Strait on Oct 19 — the first such day since Aug 2.

19 Oct 2026Daily

Daily Market Brief — 19 Oct 2026

Freight is easing outside the Gulf. Dubai differentials keep weakening. European products are firmer. China is drawing crude stocks again.

16 Oct 2026Daily

Daily Market Brief — 16 Oct 2026

Crude weakened hard. Hormuz freight stayed extreme. Diesel balances remain tight. Urea pushed to new highs.

Brief or weekly?

Daily brief

One session, one or two markets. What a desk reads before the open to know what changed overnight and where the level now sits.

Weekly report

Five sessions read together: which moves were noise, which became structural, and what the week changed. Roughly ten times the length of a brief.

All weekly reports →