The Jan’26 Brent futures contract initially rose this afternoon, from $64.10/bbl at 14:00 GMT to $64.67/bbl at 16:00 GMT. Prices met resistance here, easing to $63.71/bbl at 17:00 GMT (time of writing). In the news, Serbian President Aleksandar Vucic has stated that Russia is seeking partners for NIS, the Serbian-based oil company currently under US sanctions, to resolve a deadlock with the US regarding the company’s Russian ownership. Elsewhere, Reuters sources have reported that the Iraqi state oil company SOMO has cancelled three Lukoil crude oil loadings this month, following new US sanctions on the Russian oil giant. The loadings from Iraq’s West Qurna-2 oilfield (of which Lukoil holds a 75% equity stake) were scheduled for mid-November. In Bulgaria, local media reports indicate that the government intends to propose legislation allowing a special manager, if appointed, to oversee the sale of the Burgas oil refinery (capacity 190kb/d), which Lukoil owns. The legislation would amend the rights of a special manager to sell the asset, to which the refinery’s legal owner would have no right to appeal. Finally, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 spreads are at $0.30/bbl and $0.43/bbl, respectively.
