Brent printed $105.70 today against WTI at $95.55, leaving a $10.14 transatlantic spread that has come in roughly $2.50 from the $12.64 seen on October 13. The give-back reflects a softer Cushing inventory outlook and easier North Sea loading schedules. For our transfer ledger, every $1 of spread compression reopens the gap between direct Middle East liftings and floating-storage arrivals.

All seven grades we move — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula — are priced off Brent or the Dated structure. When Brent firms, Oman and Dubai, which load at a premium to Brent, see the fastest cost lift at the load port. Urals runs on a discount logic, and its scissors gap to Brent is exactly our margin cushion. A narrower spread does not close the window; it just pushes the direct-lifting-versus-floating-storage choice back onto the freight curve.

Operationally, if Brent–WTI holds around $10 this week, we should lock November-loading Oman and Dubai first and avoid letting further spread compression eat the floating-storage carry. The Urals leg still clears at the $60 cap with the three-document set and is immune to spread noise.