The Dec’25 Brent futures contract eased this afternoon, falling from $66.73/bbl at 1:00 BST to $66.08 at 14:00 BST before meeting support and recovering to $66.38/bbl at 18:00 BST (time of writing). In the news, BP has reported that its Whiting, Indiana refinery (capacity 440kb/d) experienced an external power outage. Power was restored shortly after all personnel had been evacuated. A spokesperson declined to provide further details on the refinery’s operational status. In Russia, a Ukrainian drone strike has halted a CDU-4 (capacity 80kb/d) at the Ryazan plant, southeast of Moscow. The refinery processed 264kb of crude in 2023 and is Russia’s fourth-largest refinery. Elsewhere, Reuters reports that India’s Reliance Industries will comply with Western sanctions on Russia while continuing relationships with existing oil suppliers. The company currently has a long-term agreement to purchase 500kb/d from Russia’s Rosneft. In other news, Bulgaria is preparing measures to secure stable oil supplies following US sanctions on Russia’s Lukoil, who operate Bulgaria’s largest oil refiner, Burgas (capacity 190kb/d). In Italy, energy giant Eni reported a better-than-expected net Q3 profit of $1.4bn. The company increased oil and gas production by 6% y/y to 1.76mboe/d and raised outlook on cash flow generation for 2025. Finally, at time of writing, the front-month Dec/Jan’26 and Dec/Jun’26 spreads are at $0.73/bbl and $2.34/bbl, respectively.
