Brent Risks Reversion Toward 2025's Year-End at $60 How high Brent crude oil advances in 2026 may determine how much it falls in 2027. That's my takeaway from the graphic showing Brent hovering near its highest-ever year-end close ($111 a barrel in 2012) and the surplus of US and Canadian crude oil and liquid-fuels supply vs. demand approaching 9 million barrels a day next year. At the end of 2025, it was closer to 7 million barrels, and if unchecked by lower prices, the surplus is on a path toward 10 million barrels in 2028. Falling US natural gas may augur what to expect in crude oil, akin to the aftermath of Russia's 2022 invasion of Ukraine. It may take some combination of worsening conditions in the US-Iran and Russia-Ukraine wars, a lack of typical supply-vs.-demand elasticity forces and diminishing political pressure for Brent to avoid reverting toward its 2025 close near $60. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tnnvt6vttd00 {BI COMD} #crudeoil #NaturalGas #Energy #inflation @BBGIntelligence