The Feb’26 Brent futures contract initially rose from $62.77/bbl at 14:10 GMT to $63.29/bbl at 16:00 GMT, before falling to $62.68/bbl at 17:00 GMT (time of writing). In the news, Reuters has reported that remote-controlled Ukrainian explosives have struck the Druzhba oil pipeline in Russia’s central Tambov region. This is the fifth Ukrainian attack on the pipeline this year, which supplies Russian oil to Hungary and Slovakia; oil supplies are reportedly running through the Druzhba as usual. Meanwhile, Hungarian Foreign Minister Peter Szijjarto has said that the country will challenge a European Union decision to phase out Russian energy sources at the EU’s Court of Justice. During a briefing broadcast, Szijjarto reinforced that implementing the order will be “impossible” for Hungary. According to Reuters, Slovakia is also considering legal options in response to the EU decision. Elsewhere, Platts has said that the Dated Brent global physical crude oil benchmark does not need significant methodology changes. The price reporting agency announced a methodology proposal to enable traders to load WTI Midland crude from various US terminals, facilitating larger shipments to Europe. It is seeking feedback by 16 January, with changes potentially taking effect next May. In other news, private Chinese refiner Hengli Petrochemical has stated that China’s oil demand is likely to remain weak for the coming months, at least until mid-2026. Recent surges in the registration of electric and LNG-fuelled vehicles have dampened Chinese demand for road transportation fuels, such as gasoline and diesel. Finally, the front-month Feb/Mar’26 and 6-month Feb/Aug’26 spreads are at $0.40/bbl and $0.77/bbl, respectively.
