The Jan’26 Brent futures contract eased this morning, from $62.75/bbl at 07:00 GMT to $62.02/bbl at 10:00 GMT (time of writing). According to Reuters calculations, Russian state oil and gas revenues are expected to decline by roughly 35% m/m in November, citing lower oil prices and a stronger local currency. The Russian Finance Ministry is set to publish official estimates on 03 December. Elsewhere, a BP statement has confirmed that its 400-mile Olympic pipeline in the US remains offline, with over 200 feet of the pipeline excavated over the weekend; however, the cause of the leak has yet to be identified. In other news, Mozambique has granted its state firms a 30-year concession to build and operate natural gas facilities at the Port of Belra and Inhassoro site; the concession will be operated in part by the national oil firm ENH. In geopolitics, Russia has stated that it has not received an updated peace plan following talks between the US and Ukrainian officials over the weekend. In a statement made on Sunday, US Secretary of State Marco Rubio clarified that the peace proposal will continue to be discussed outside of Geneva. Finally, at time of writing, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 spreads are at $0.61/bbl and $1.03/bbl, respectively.
