The global oil market is in a state of flux, with traders eagerly awaiting news that could tip the scales towards a potential surplus. As of November 10, 2025, at 11:35 PM UTC, oil prices have stabilized after a slight gain on Monday. Brent crude is trading below $64 per barrel, while West Texas Intermediate (WTI) is hovering near $60. The WTI’s prompt spread, a key indicator of market conditions, has narrowed to just 9 cents per barrel in backwardation, the lowest since February. This development suggests a loosening of market conditions, which could have significant implications for the industry. But here’s where it gets controversial: some analysts argue that this narrowing spread might actually indicate a tightening of conditions, not a surplus. This interpretation could spark heated debates among industry experts. As we await further reports, the question remains: will the market’s softening metrics lead to a global surplus, or is there another interpretation at play? The answer could be found in the details of the upcoming reports, and we’ll be sure to keep you posted on any developments.