Brent Spot Price vs Brent Futures
The Brent spot price is the price of physical North Sea crude for prompt loading, assessed as Dated Brent and published free by the EIA as series RBRTE. The Brent futures price comes from trading in ICE Brent futures for a month one to two months ahead. Headlines, charts and live quotes almost always show the front-month futures price. The two are usually within about $2/bbl, but in early October 2026 the EIA spot price was roughly $15–20 above front-month futures.
The live quote above is the futures price, TradingView symbol TVC:UKOIL. There is no free real-time spot price; the EIA publishes daily spot data with a delay of a few days.
Spot vs futures at a glance
| Brent spot (Dated Brent) | ICE Brent futures | |
|---|---|---|
| What it prices | Physical cargoes loading 10 days to one month ahead | Cargoes for a delivery month one to two months ahead |
| Who sets it | Price reporting agencies (Platts' Dated Brent; EIA uses Refinitiv data) | Trading on ICE Futures Europe |
| Update frequency | Once a day | Continuously, 01:00–23:00 London time |
| Settlement | Physical delivery of a cargo | Cash against the ICE Brent Index, with an EFP option |
| Free source | EIA series RBRTE (daily, weekly, monthly, annual) | Live quotes on most financial sites |
| Used by | Physical crude contracts, refinery economics, statistics | Headlines, hedging, trading, ETFs |
Sources: EIA spot price definitions; ICE Futures Europe contract specifications. See Dated Brent explained for how Platts builds the spot assessment.
Why the spot and futures prices differ
The two prices refer to oil delivered at different times. Spot is for barrels available within weeks. The front-month future is for barrels in a later month. The gap between them is a short-term version of the futures curve:
- Backwardation (spot above futures) happens when oil is scarce now. Refiners pay up for prompt cargoes and the market expects supply to ease later.
- Contango (spot below futures) happens when there is too much oil now. Prompt cargoes are discounted and storing oil for later sale can pay.
Quality and timing also matter. The spot price is set by the cheapest grade in the basket on the day, while futures reflect the forward market. The IEA calls the Dated-to-futures difference "a rolling calendar spread": because each price always refers to a different month, the gap never has to close. For more on curve shape, see contango and backwardation.
How big the gap can get: 2026
In stable markets the spot-futures gap stays near plus or minus $2/bbl. The 2026 Middle East supply shock pushed it to records, because prompt barrels were scarce while futures traders expected the disruption to end.
| Date | Brent spot | Futures and spread |
|---|---|---|
| April 2026 (average) | $120.36 (Dated) | Dated averaged $17.89 above front-month ICE Brent |
| 7 April 2026 | n/a | Record Dated premium to futures of $35.41/bbl |
| Early May 2026 | n/a | Premium back to about $3/bbl |
| September 2026 (average) | $114 (EIA) | Daily spot peak of $131 on 15 September |
| 2 October 2026 | $135.51 (EIA) | Spot jumps from $114.82 the day before |
| 6 October 2026 | $125.44 (EIA) | Front-month futures were reported near $108 on 8 October and $106 on 13 October |
Sources: IEA Oil Market Report, 13 May 2026 (Argus data); EIA Short-Term Energy Outlook, October 2026; EIA daily spot prices released 7 October 2026. Futures levels from Fortune (8 October 2026) and TradingView TVC:UKOIL (13 October 2026).
A gap this wide matters in practice. A refiner buying a cargo priced on Dated Brent paid far more than the headline Brent price suggested. A consumer reading "Brent at $106" saw a figure well below what physical crude was costing. And fuel prices, which follow physical crude and products, rose more than the futures move implied.
Which price do headlines quote?
When news reports say "Brent rose to $X", they almost always mean the front-month ICE Brent futures settlement or live price. It is transparent, updated continuously and freely available. Live quotes on this site, including the Brent crude oil price page, follow front-month futures too. Around the end of each month the front month rolls to the next contract, which can create a visible jump. The Brent futures page lists expiry dates.
Statistical agencies use spot data. The EIA's monthly and annual Brent averages, used on oil price history, come from the RBRTE spot series. So does the EIA's Brent forecast in its Short-Term Energy Outlook.
Where to find daily Brent spot data
- EIA: "Europe Brent Spot Price FOB" (series RBRTE) is free, with daily, weekly, monthly and annual history back to 1987. The EIA credits Refinitiv, an LSEG business, as the data source, and updates it weekly.
- FRED (Federal Reserve Bank of St. Louis): republishes the EIA series as DCOILBRENTEU, with charting tools.
- Platts and Argus: publish Dated Brent and individual grade assessments to subscribers.
- IEA Oil Market Report: monthly Dated Brent averages and spreads to futures, partly free.
Brent spot price FAQ
What is the Brent spot price?
The Brent spot price is the price of physical North Sea crude for loading in the next 10 days to one month, usually meaning Dated Brent. The EIA publishes a free daily series, "Europe Brent Spot Price FOB" (RBRTE), using data from Refinitiv. It differs from the futures price quoted in headlines.
Is the Brent price in the news the spot or futures price?
News reports and live quotes almost always use the front-month ICE Brent futures price. It trades continuously and is freely visible. The spot price is assessed once a day and is mostly used in physical contracts, refinery economics and official statistics such as the EIA's monthly averages.
Why is the Brent spot price higher than futures?
Spot above futures, called backwardation, means prompt oil is scarce. Refiners pay a premium for cargoes they can lift within weeks, while futures for later months assume supply will improve. In April 2026 the Dated Brent premium to front-month futures reached a record $35.41 per barrel.
Where can I download Brent spot price history?
The EIA provides free daily, weekly, monthly and annual Brent spot prices (series RBRTE) back to 1987, downloadable as Excel files. FRED republishes the same data as DCOILBRENTEU with charts and an API. Paid price reporting agencies offer grade-level detail.
Related pages
Brent Crude Oil Price
Current Brent crude oil price live in USD per barrel, with a real-time chart, ICE Brent contract facts and what is driving today's move.
Dated Brent
What Dated Brent is, how Platts assesses it, the BFOETM basket including WTI Midland, and how it links to ICE Brent futures through CFDs and EFPs.
Brent Futures
Brent crude oil futures explained: live front-month price, ICE contract specs, expiry rules, month codes and contango vs backwardation.
Contango & Backwardation
Contango and backwardation in crude oil explained with examples: what the futures curve says about supply, storage economics and ETF roll costs.