The spread between Brent crude futures in recent and distant months is the highest since February, with a surge in North Sea swaps and a sharp rebound in demand in the crude oil market in the coming months.

With Brent crude approaching $75 a barrel, there are several signs that supplies are getting tighter in the oil market as a whole.

The swap prices used by traders to hedge-or speculate-physical North Sea crude are heading towards their strongest closing price in 18 months. The premium of recent contracts over contracts delivered the following month is the highest since February. When supply exceeds demand, this price pattern, which is higher in recent months than in distant months, usually becomes more obvious, suggesting that investors want to ensure oil supply.

Whether it is the steady reopening of the economy or the record daily crude oil processing by Chinese refineries, there are many factors that support higher oil prices. Oil demand in India, once ravaged by the epidemic, has rebounded and crude oil inventories in the US are dwindling, in a sign that European refineries are ramping up their crude oil processing capacity.

Additional purchases appear in the North Sea market, where about 2/3 of the world's oil is based.