The Dec’25 Brent futures contract fell this morning, from $65.58/bbl at 05:30 GMT to $64.64/bbl at 10:30 GMT (time of writing). In the news, Reuters has reported that Asian refining profits have reached their highest in over a year, driven by improved diesel performance following new US sanctions on Russia. According to LSEG data, Singapore’s complex refining margin has risen about $7/bbl since early October. Elsewhere, Reuters sources say that Indian refiners have paused new purchases of Russian oil as they await clarity from the government and suppliers. In the meantime, some refiners, including India’s BPCL, will start issuing spot crude purchase tenders within 7-10 days as an alternative to Russian oil. Related, BLPC has signed three agreements, including one with Oil India to build a $11bn refinery (proposed capacity of 66-88mb/y). Anuj Jain, Director of Finance at Indian Oil Corp, has also stated this morning that the company is not planning on a complete discontinuation of Russian crude purchases. In other news, Venezuela has called for the cancellation of its energy agreements with neighbouring Trinidad and Tobago after the island nation agreed to host a US warship for joint exercises, per the AP. In Russia, local media have reported that the country plans to launch a state-backed insurer for oil and commodity exports on the Northern Sea Route, as Western sanctions further isolate its shipping and reinsurance sectors. According to Energy Intelligence, the planned insurer would provide coverage for vessels transporting crude, LNG, and other raw materials through the Arctic corridor to Asia, filling the gap left by international reinsurers that have withdrawn. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/Jun’26 spread are at $0.64/bbl and $1.53/bbl, respectively.
