Global Markets Strategy 05 September 2025 J P M O R G A N Risk premium out, storage premium in Oil Markets Weekly Brent prices have held within a tight range of $65 to$69 for most of August, with both crude and regional product markets staying firmly in backwardation across the curve reflecting enduring physical tightness in a market that was expected to be overwhelmed by supply at this time of year. This resilience challenges our call that oil prices will average $63 in the second half of 2025 and exit th ...