Long-term longing
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Expected Refiner Hedging Across the Board
Oil prices wobble as cracks diverge and geopolitics fade, with data pointing to refiner hedging
Published: 8 January 2026
2 reports
In the week ending 06 Jan, the M1 Brent futures contract declined from highs of $62.33/bbl on 31 Dec to a low of $60/bbl on 02 Jan. From here, prices recovered to $61.80/bbl on 05 Jan before dipping to close at $60.48/bbl on 06 Jan. Waning Russia-Ukraine peace talks and expectations of a imminent supply glut initially pressured prices, before a 03 Jan US attack on Venezuela offered some support.
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