BP: Trading Statement; Raising Our Brent forecast to $120/bbl for 2026
By Paul Sankey
Published on April 14, 2026 at 10:32 AM
With everybody yelling about the massive disconnect of Dated Brent over paper Brent, which has been around a +$40/bbl premium in recent days, I have seen no mention of the large fact that the Big Oils earn Dated Brent, not the paper price that is killing oil bulls (long the paper) with frustration. So the price you see on your screen – Brent around $100/bbl – far understates what the companies will earn when they …