The Mar’25 Brent futures contract witnessed a rangebound afternoon, oscillating between $73.30/bbl and $73.70/bbl, and currently sits at $73.40/bbl at 17:20 GMT (time of writing). The benchmark crude futures contract is set to record a w/w rise this week amid thin liquidity, positive narratives of economic reforms in China and estimates of a draw in US crude oil inventories in the week ending 20 Dec, the official figures for which will be released by the EIA at 18:00 GMT today. In other news, Shell has shut down an oil processing unit at its Pulau Bukom facility in Singapore to investigate a suspected leak, as per Singapore’s Maritime and Port Authority (MPA) and National Environment Agency (NEA). Additionally, Turkey has reported that it aims to provide electricity to Syria and collaborate with Syria’s new leadership on oil and natural gas. Russian President Vladimir Putin has said that any new deal to transport natural gas through Ukraine will be challenging given Gazprom PJSC’s long-term contracts that are difficult to change. Finally, at the time of writing, the Mar/Apr’25 and Mar/Sep’25 Brent futures spreads stand at $0.45/bbl and $1.99/bbl, respectively.
