The July Brent futures flat price has had a strong afternoon, mitigating the losses it saw this morning. The contract kicked off the afternoon at lows of $80.80/bbl at 13:50 BST before seeing a stellar rally up to $82.15/bbl at 17:00 BST. Putin looks set to restart peace negotiations as per a statement during a conference in Belarus today. It is proposed however, that this agreement stands on the basis of claiming land where the current frontlines sit, which could entail Ukraine losing 18% of its land. Ukrainian Foreign Affairs Minister Dmytro Kuleba responded by claiming Putin had no desire to end his aggression. In other news, Saudi Arabia is planning a multi-billion share sale in its NOC Saudi Aramco as soon as June. The offering could reportedly raise around $10 billion, making it among the region’s biggest stock deals. Finally, the market is keenly awaiting the OPEC+ online meeting on June 2nd for some direction on whether the 2.2mbbls/d output cut will be extended. The front and 6-month spreads are $0.27/bbl and $2.67/bbl, respectively.
