The Aug Brent Future flat price has been unsettled this afternoon, trading between $79.50/bbl and $80.35/bbl, the latter of which it has twice been unable to break through. Prices hit $80.35/bbl at 12:50 BST and then again at 15:15 BST following a brief drop to $79.70/bbl, before falling to $79.60/bbl handles, where it currently resides as of 17:15 BST (time of writing). Algeria’s Sonatrach and China’s Sinopec have signed a memorandum of understanding (MoU) that aims to expand their cooperation, especially in areas of exploration, renewable energies, petrochemistry, petroleum engineering and skills development. China’s May oil product imports dropped 22% from April’s historic high, with product imports likely to fall further in June as May product exports gained 18% m-o-m. Indonesia’s Pertamina Patra Niaga has issued its first spot purchase tender for sustainable aviation fuel for delivery in August. Finally, a draft document has revealed that Nigeria may spend 5.4 trillion naira ($3.7 billion) on fuel subsidies in 2024, 50% more than in 2023. The front and 6-month spreads are $0.31/bbl and $2.28/bbl, respectively.
