Brent Crude Oil Forward CurveBrent Crude Oil Forward Curve
The Brent Crude Oil Forward Curve is a market-structure visualization tool designed to display the relationship between consecutive Brent crude oil futures contracts across a 12-month horizon.
The indicator builds a forward curve from twelve consecutive Brent futures contracts and presents their prices both graphically and in a structured data table. This allows users to observe the shape, slope and evolution of the Brent term structure directly alongside the underlying market.
CURVE STRUCTURE
The indicator automatically identifies the prevailing structure of the displayed curve:
BACKWARDATION — when deferred futures contracts trade below the front contract.
CONTANGO — when deferred futures contracts trade above the front contract.
The curve is displayed dynamically, allowing changes in the term structure to be identified visually rather than by examining individual futures contracts separately.
12-CONTRACT FORWARD CURVE
Twelve consecutive Brent futures contracts are displayed. Each point on the curve includes the contract month, price and spread relative to the front contract.
The accompanying table provides:
• Contract symbol
• Contract month
• Futures price
• Spread versus the front contract
The summary row shows the current curve structure, the front-to-last contract range and the total spread across the displayed 12-month curve.
AUTO ROLL
The indicator includes a calendar-based auto-roll mechanism that automatically advances the displayed 12-contract sequence as the calendar progresses. By default, the sequence begins two calendar months ahead of the current month. The contract sequence is generated dynamically, eliminating the need to manually replace each futures symbol every month. A Manual Front Month Offset is also available for users who wish to inspect an adjacent contract sequence or manually shift the starting point of the curve.
PRICE TIMEFRAME
By default, contract prices follow the chart timeframe. Users may select a different Price Timeframe when they want the forward curve calculations to reference another timeframe independently of the underlying chart.
DISPLAY CONTROLS
The Inputs menu provides independent controls for displaying or hiding the data table, individual contract labels and branding panel. Point spacing, horizontal positioning and label distance can also be adjusted to accommodate different screen sizes and chart layouts.
DESIGN AND METHODOLOGY
This script combines automated Brent contract sequencing, calendar-based contract management, 12-contract term-structure construction, spread calculations relative to the front contract, dynamic curve visualization and synchronized tabular presentation within a single analytical framework.
Rather than analyzing individual futures contracts separately, the script transforms the prices of twelve consecutive Brent futures contracts into a synchronized representation of the term structure. The graphical curve, contract labels, spreads, market-structure classification and contract table are updated together as the futures sequence evolves. The implementation and presentation logic were developed specifically for this script.
INTERPRETATION
The indicator is intended to help users study the term structure of Brent crude oil futures. Changes in the shape and slope of the forward curve can provide useful information about how the futures market is pricing near-term versus deferred delivery.
Forward-curve structure should not be interpreted in isolation as a directional trading signal. It is one component of broader crude-oil market analysis and should be evaluated together with price action, fundamentals, positioning, inventories and other relevant market information.
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