Brent Crude Oil (BZ) November (X) contract study: year-by-year results, the day-by-day shape of the move and where highs and lows printed.
Contract Almanac · Brent Crude
Every clean November Brent contract 2012–2025, measured over its tenure as the lead contract · Typically leads Aug 26 – Sep 25
The November contract leads from late August through most of September, when the oil market comes back from holiday and starts arguing about autumn, and its file leans clearly green: 7 of 11 clean tenures higher with a +4.8% median, the best median on the Brent board. The argument, most years, has resolved upward.
Each year is one contract, measured from the open of the day it took over the lead to the close of the day it handed off, the same roll convention used across all Traders Brief research. One honesty note specific to Brent: the contract’s early CME-era history contains roll irregularities, and those irregular tenures are excluded, leaving 11 to 14 clean observations per month rather than the full 16 available elsewhere. The counts shown are the cleaned record. All highs and lows are the contract’s own trades, marked by trading day of the tenure, not calendar day.