Price action in Feb’26 Brent crude futures has been quiet and rangebound on Friday morning, trading in a 30c range between $62.20 to $62.50/bbl, printing $62.20/bbl at 16:30 SGT (time of writing). In the news, Zelenskyy said he expects to meet Trump in the coming days after what he described as “very good” talks with US envoys Steve Witkoff and Jared Kushner on a 20-point peace plan, though key issues such as territorial concessions remain unresolved. In the past days, Ukraine used British Storm Shadow missiles and long-range drones to strike Russian energy infrastructure, hitting the Novoshakhtinsk oil refinery in Rostov near the Ukrainian border, oil product tanks at the port of Temryuk in Russia’s Krasnodar region, and the Orenburg gas processing plant about 1,400 km from Ukraine. The US Coast Guard is continuing its pursuit of the sanctioned oil tanker Bella 1 in the Atlantic, assembling elite boarding forces and additional firepower to seize the vessel under a judicial order after it repeatedly refused boarding and fled the Venezuela oil blockade. Kazakhstan’s December exports of CPC Blend crude are set to fall to a 14-month low of about 1.14 mb/d, down from a planned 1.7mb/d, after Ukrainian drone strikes on 29 Nov damaged the CPC terminal near Russia’s Black Sea port of Novorossiysk, leaving only one loading point operational and disrupting the main export route for Kazakh oil. Finally, the front- (Feb/Mar’26) and 6-month (Feb/Aug’26) Brent futures spreads are at $0.43/bbl and $0.92/bbl respectively.
