石油行业手册 -2026 年展望：让趋势发挥作用-The Oil Manual-Outlook 2026 Letting the Curve Do the Work

January 4, 2026 05:00 PM GMT The Oil Manual | Europe Outlook 2026: Letting the Curve Do the Work The expected surplus arrived in 2H25 and is likely to grow larger in 1H26. Rising inventories will require a steeper contango across the entire Brent curve, putting pressure on front-month prices. However, as the long-end is likely to stay resilient, spot prices should find support in the mid/upper-50s. Key Takeaways Exhibit 1: Including oil in transit, inventories built sharply in 2025, particularly in 2H. Thes ...