The Jan’26 Brent futures contract rose this afternoon, from $62.36/bbl at 14:30 GMT to $62.92/bbl at 17:00 GMT. In the news, Russia’s Tuapse refinery (capacity 240kb/d) has restarted processing crude after drone attacks earlier this month. According to LSEG data, Russia’s Tuapse port resumed oil product exports last week, following its two-week suspension. As per Reuters sources, a Gambia-flagged tanker left the Black Sea port on 17 November with roughly 30kt of gasoil on board, and a Malawi-flagged Satna loaded the same volume of gasoil on 18 November. Elsewhere, the Serbian government has announced that the country has sufficient fuel reserves to meet domestic demand, even as its key NIS oil refinery risks closure due to US sanctions on its Russian owners. Serbian Energy Minister Dubravka Djedovic Handanovic stated that NIS’s operational reserves, along with all other reserves stored with NIS, amounted to 90kt of diesel and 53.6kt of gasoline. In other news, China’s Unipec has signed a deal to supply roughly 60kt of jet fuel to Lufthansa annually, per a company in-house newspaper. The supplies are poised to feed Lufthansa’s supply chains at airports in Belgium and Germany. Finally, at time of writing, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 are at $0.62/bbl and $1.20/bbl, respectively.
