01Oil markets
Oil Above 100 is a Real Supply Shock but NOT a Permanent Price Regime
Oil above US$100 reflected a real supply loss. My September 2026 report argues that the futures curve, weakening demand and alternative supply routes still pointed to lower prices through 2027.
The Brent futures curve sloped sharply downwards · US$ per barrel
- Nov 2026
- 100.45
- Dec 2026
- 96.52
- Mar 2027
- 87.84
- Jun 2027
- 82.75
- Dec 2027
- 77.87