December Brent May Revert Toward $58 for Expiry - Dec26 Brent crude has recovered to its high-volume price (HVP) area near $71 a barrel, which may mark a 2026 ceiling. It took the unprecedented closure of the Strait of Hormuz to get there, and normal reversion could pressure prices toward $58 -- roughly the HVP before Russia's invasion of Ukraine. My graphic shows a top reason for reversion lower: the Western Hemisphere's shift to price-maker, led by the US. The US and Canadian surplus of crude and liquid fuels supply is approaching 8 million barrels a day, and the recent price spike may add fuel to this trend. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tbfau8kip3ou {BI COMD} #crudeoil #energy @BBGIntelligence(Mike McGlone)