Save for later Print Download Share LinkedIn Twitter Market rhetoric has shifted from how high oil prices can go to how bad the economy can get. Oil sentiment has turned bearish as a result. But this market is by no means weak. The Brent price is reflecting supply and demand fundamentals — with a dose of political premium. So far in 2022 spot Brent has averaged just over $100/bbl — the highest since $98 in 2014. During 2015-21 Brent averaged $57. Both the crude and product markets are tight now and risk running short at the slightest of outages. Brent seems to have found a lofty floor at $90 for now. Products are softening, but diesel’s sky-high refinery margin up to $50/bbl signals how tight that market still is.