In this episode of The Officials Explain, Ed and Will dive into the sharp shift in the North Sea physical market and what it means for CFD structure.

With dated Brent softening fast and CFD spreads flipping into contango, the team lays out why this matters far beyond just the North Sea.

They unpack:

• The collapse in physical differentials—and what Trafigura’s exit reveals
• Why Midland and Forties flows are flooding the window
• The impact of Grangemouth's closure and rising deliverable barrels
• What a weakening front-end CFD curve signals for refiners and hedgers
• How global dynamics—from Murban gluts to Iranian barrels—are reshaping spreads

This episode is a must-watch for anyone trading or managing exposure to Brent-linked pricing.

All the trades discussed are live on Onyx Markets, where you can practice, simulate, or dive in. Visit https://onyxmarkets.co.uk/

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