THESIS HISTORIES

Crude oil and energy infrastructure

A dated record of the published view. A carried reading keeps its last assessment date.

End line

No end line is registered for this lane yet.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED · Rule: RETIRED UNRESOLVED

Expiring December Brent ended Friday at 117.64, up 2.76; January rose 2.63 to 113.43, Reuters reports. The January rule counts from Monday's session; Friday's price is outside it.

Next test: January 2027 Brent's first session as the front month, November 2.

Tankers were reported hit in Hormuz. Oil rose, and gold fell below 4,000.

· UNCONFIRMED

Last assessed 2026-10-24.

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front month settled Thursday at 114.88 on ICE, down from 115.32.

Next test: The final settlement of December 2026 Brent, November 2, moved from October 30: the contract's last trading day is October 30, and its final settlement comes after this issue.

US growth ran at 3.4 percent. The Bank of Japan held.

· UNCONFIRMED

Last assessed 2026-10-24.

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front month settled Wednesday at 115.32 on ICE, up from 113.88. Our Petroline restart re-check is closed: we could not check Aramco's or Kpler's loading records at source.

Next test: The last trading day for December 2026 Brent, October 30.

The Fed held, and two officials wanted a hike. Japan decides next.

· UNCONFIRMED

Last assessed 2026-10-24.

Rule: NOT FIRED · Rule: INVALIDATED

Oil fell despite fresh Gulf attack reports. The Fed decides today.

· UNCONFIRMED

Last assessed 2026-10-24.

Rule: NOT FIRED · Rule: INVALIDATED

Oleshky's ceasefire took effect. Gulf shipping is still under threat.

· UNCONFIRMED

Last assessed 2026-10-24.

Rule: NOT FIRED · Rule: INVALIDATED

Three tests this week. The Russia waiver runs until Washington says otherwise.

· UNCONFIRMED

Last assessed 2026-10-24.

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front month settled Friday at 116.72 on ICE, up 3.55.

Next test: The Petroline pipeline's restart re-check, October 29, moved from October 22: awaiting dated Yanbu loadings.

A ceasefire for one Ukrainian town. A tanker sunk off Romania.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front month settled Thursday at 113.17 on ICE, up 4.35.

Next test: The Petroline pipeline's restart re-check, October 29, moved from October 22: awaiting dated Yanbu loadings.

Near-term oil jumped more than four dollars. Oil for 2027 slipped.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front month settled Wednesday at 108.82 on ICE, up 3 cents.

Next test: The Petroline pipeline's restart re-check, October 29, moved from October 22: awaiting dated Yanbu loadings.

Washington tightened sanctions on Iran's shadow fleet. Oil barely moved.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front month settled Tuesday at 108.79 on ICE, down 0.76.

Next test: The Petroline pipeline's restart re-check, October 22.

Brent's far end held for a fifth quiet day. That counts against the demand-slump view.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front month settled Monday at 109.55 on ICE, down 0.31; US crude's front month closed at 103.66, up 2.25.

Next test: The Petroline pipeline's restart re-check, October 22.

Brent barely moved on Monday. One more quiet session would count against the demand-slump view.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

US crude's front-month contract closed Friday at 101.41, up 3.44, beside Brent's 109.86 settlement on ICE.

Next test: The Petroline pipeline's restart re-check, October 22.

Ukraine hit two oil sites in Saint Petersburg. Brent eased early Monday.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front-month contract settled Friday at 109.86 on ICE, up 3.94, while US crude also rose.

Next test: The Petroline pipeline's restart re-check, October 22.

Oil rose and chips fell Friday. Trump waived new Russia duties that night.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front-month contract settled Thursday at 105.92 on ICE, down 0.14, while WTI rose 2.88.

Next test: The Petroline pipeline's restart re-check, October 22.

TSMC's strong quarter did not lift chip stocks. The rest of the market bounced.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front-month contract settled Wednesday at 106.06 on ICE, up 0.37; we did not find dated loadings confirming Petroline's operation at full rate.

Next test: The Petroline pipeline's restart re-check, October 22.

Chips fell more than 4 percent. A day later, TSMC posted a strong quarter.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front-month contract settled Tuesday at 105.69 on ICE, down 0.96; WTI rose 0.40 to 94.14.

Next test: The Petroline pipeline's restart re-check, October 15.

Brent's front month fell. December 2027 rose.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front-month contract settled Monday at 106.65 on ICE, up 1.93, while Gulf of Mexico shut-ins fell to about 30 percent of output.

Next test: The Petroline pipeline's restart re-check, October 15.

Gulf oil shut-ins fell Monday. Brent rose anyway.

· UNCONFIRMED

Rule: NOT FIRED · Rule: INVALIDATED

Brent's front-month contract settled Friday at 104.72 on ICE, up 4.40 from October 5; Gulf of Mexico shut-ins eased to about 58 percent of output by October 11.

Next test: The Petroline pipeline's restart re-check, October 15.

Gulf oil shut-ins eased Sunday. Another tanker was struck in Hormuz.