The Feb’26 Brent futures contract eased from $62.78/bbl at 12:15 GMT to $61.93/bbl at 17:00 GMT (time of writing). In the news, Reuters reported that Russia's Syzran oil refinery (production 90kb/d in 2024) ceased processing on 05 December after being damaged by a Ukrainian drone attack. According to Reuters sources, drones damaged the plant’s CDU-6, which is expected to undergo repairs for about a month. Elsewhere, OxyVinyls, a subsidiary of Occidental Petroleum Corporation, has reported a fire at its La Porte, Texas, facility. The company stated that it was collaborating with local officials to address the situation and had received ...

Despite limited flows since our last report on 03 Dec, there has finally been an introduction of some volatility in the M1 (Jan’26) Brent/Dubai contract as prices surged 38c d/d from -$0.66/bbl on 08 Dec to -$0.28/bbl on 09 Dec (time of writing). The overall Dubai market has continued to trade at extremely low volumes. However, in deferred Brent/Dubai, the Q2, Q3, and Q4'26 contracts appeared to have found a floor this week. Funds and refiners were on the buy-side of these deferred contracts in decent size, which also injected support in the front. Thus, the outright box structure has ...

Christmas is just around the corner, and Dated bulls are making a last-minute bid to get on Santa's 'nice' list. Total have consistently been on the buy side of WTI Midland over the past week, and paper flows this week have been bullish so far, reigniting the bulls' optimism

The Feb’26 Brent futures contract has traded relatively rangebound this afternoon, between the $62.80/bbl and $63.00/bbl handles. Levels are at $62.81/bbl at 17:00 GMT (time of writing). In the news, Reuters reported that Iraq has halted all oil production at Lukoil’s West Qurna-2 oilfield (capacity 460kb/d), following a leak on an export pipeline. Elsewhere, Reuters also reported that Kazakhstan intends to supply 50kt of crude oil directly from the Kashagan field to China in December, via the Atasu-Alashankou pipeline. This marks the first since a Ukrainian drone attack damaged the Caspian Pipeline Consortium's (CPC) Black Sea terminal. The CPC reportedly ...

View: Bearish Target Price: $61-63/bb Critical Resistance Ahead The M1 Brent futures contract remains rangebound between $62 and $63/bbl, with a strong resistance level at the 50-day moving average (blue line on the chart below). Despite the bullish optics of a prolonged war between Ukraine and Russia, momentum has yet to be strong enough to break above the 50-day MA successfully. We expect this trend to continue this week and anticipate prices to slip lower, targeting $61-63/bbl as our price target. G7 countries mull over a full maritime services ban for Russian exports While the oil market was bracing for ...

In the week ending 05 December, Refinery Margins fell across all regions: Asian M1 Margins down to $10.77/bbl (-$0.71/bbl w/w), European M1 Margins down to $8.70/bbl (-$0.73/bbl w/w), and US Margins down to $14.73/bbl (-$0.46/bbl w/w). Asian margins were driven down by Sing Gasoil cracks, which fell by -$0.89/bbl w/w. The 380 Crack also fell on the week by -$0.52/bbl. Dubai Cracks also saw weakness, with Gasoil Dubai Cracks falling by -$3.42/bbl. In Europe Gasoil crack was also the biggest mover, falling by -$1.42/bbl w/w, while 3.5 Barges Cracks also weakened, falling by -$1.16/bbl.

The Feb’26 Brent futures contract failed to maintain strength above the $64.00/bbl handle this afternoon, easing from $64.08/bbl at 15:30 GMT to $63.60/bbl at 16:30 GMT (time of writing). In the news, local Russian emergency centres have reported a fire at Russia's Azov Sea port of Temryuk, due to a Ukrainian drone attack. The fire occurred at the Maktren-Nafta LPG transhipment terminal, which handles LPG exports from Russian and Kazakh producers. According to Reuters, between January and October 2025, the terminal handled roughly 220kt of LPG. Elsewhere, according to The Officials sources, Kuwait’s Al Zour refinery will be in maintenance ...

In this edition, we take a look at the Jan'26 C3 LST.