Donna Dong
The Jun’26 Brent futures contract traded in a $2 range this afternoon, between $108.75/bbl at 14:50 BST and $106.73/bbl at 16:45 BST; prices are currently at $107.92/bbl at 17:10 BST (time of writing).
In the news, Saudi Arabia's Yanbu crude exports increased to approximately 4.6mb/d last week, approaching the facility's maximum capacity; this comes as the Kingdom reroutes shipments away from the Strait of Hormuz amid the US-Israeli conflict with Iran. In Bangladesh, the nation is seeking a temporary sanctions waiver from the US to enable the import of Russian diesel amid worsening energy shortages. Dhaka has asked for a waiver akin to India's, suggesting imports of up to 600kt of Russian diesel, according to energy ministry officials. The proposal is now awaiting a response from the US. In other news, Ukraine, which has begun accumulating gas reserves for the upcoming winter, is looking to boost LNG supplies via Greek terminals and the Vertical Corridor pipelines, according to Ukrainian energy company Naftogaz. In South Korea, Finance Minister Koo Yun Cheol has stated that the nation is weighing public driving restrictions if oil prices surpass $120/bbl. If this materialises, it will mark the first such restrictions in 35 years. Elsewhere, China has delivered cargoes of diesel and other fuels to Southeast Asia in recent days in a sign that Beijing seeks to alleviate the regional crisis and retain diplomatic leverage. This comes despite its earlier ban on fuel exports. Finally, at the time of writing, the soon-to-be front-month (Jun/Jul) and 6-month (Jul/Nov) Brent futures spreads are at $7.06/bbl and $23.40/bbl, respectively.