The Jan’25 Brent futures contract saw support this morning, moving from around $71.70/bbl at 07:00 GMT up to $72.30/bbl at 10:50 GMT (time of writing). In the news today, Israel has failed to meet a series of US aid demands to ease the humanitarian crisis in Gaza. A letter from the US on 13 Oct stipulated that Israel must take steps to improve the aid situation within 30 days and if not could face restrictions on US military aid, as per Reuters. In other news, in an official company statement, Rosneft has denied any plan to merge Russia’s largest oil companies into one entity, claiming “the alleged intentions [have] nothing to do with reality” and do not follow “any reasonable business logic”. Finally, Exxon’s Darren Woods has urged US president Trump not to leave the Paris Agreement on climate change, saying that it would create “a lot of uncertainty” and be counterproductive as administrations change. At the time of writing, the Jan/Feb’25 and Jan/Jul’25 Brent futures spreads stand at $0.24/bbl and $0.82/bbl, respectively.
