Brent Crude: The rally in brent crude during the last month has occured primarily at the front end of the curve as geo-politics and QE speculation have been the main driver. As a result speculation about tightness in the spot market has seen the curve move from contango back into into its normal shape of backwardation. Any easing of the geo-political tension (Syria, Iran etc.) could result in weaker prices as other focal points such as the dollar, eurozone debt crisis and general slowing economic activity is non-supportive at this stage - unless it leads to the unleashing of additional stimulus by central banks.