Global Oil Market Sees Significant Movements in August
The global oil market saw significant movements in August 2026, according to OPEC's latest report. The OPEC Reference Basket (ORB) value increased by $3.45/b, month-over-month, to average $86.44/b. This was reflected in the ICE Brent front-month contract, which rose by $4.11/b, m-o-m, to average $88.08/b.
The NYMEX WTI front-month contract also increased by $3.23/b, m-o-m, to average $82.45/b. The GME Oman front-month contract saw the largest gain, increasing by $10.36/b, m-o-m, to average $87.88/b.
The Brent-WTI futures spread widened by $0.88/b, m-o-m, to average $5.63/b. Hedge funds and money managers turned more bullish about oil prices, increasing their combined ICE Brent and NYMEX WTI net long positions by 12% between the weeks of 28 July and 25 August.