Donna Dong
Research Analyst, Flux
Brent Falls to $101.94/bbl
Brent dips; Russia exports hit, tankers tight, China resells LNG, Asia turns to Russian oil, easing supply shock.
The Jun’26 Brent futures contract has fallen from $102.78/bbl at 14:00 BST to $101.94/bbl at 17:00 BST (time of writing).
In the news, Russia's seaborne diesel and gasoil exports decreased by 3% in March, totalling approximately 3.1mt, due to ongoing drone attacks that disrupted fuel loadings at major ports, including Primorsk and Ust-Luga. Shipments of ultra-low-sulphur diesel from Primorsk, Russia's largest diesel export port in the Baltic, declined to 1.7mt, a 2.6% drop from February. Elsewhere, oil tanker availability along the US Gulf Coast has decreased significantly in recent weeks. This is due to Asian and European refiners, cut off from Middle Eastern supplies, increasingly purchasing vessels to import oil and fuel from wider US discounts on US crude compared to Brent crude have boosted tanker demand, thus reducing regional vessel availability. In other news, China has been reselling large volumes of LNG to other Asian buyers because its own demand has been weak, and stocks and gas supplies are sufficient. Year to date, China has resold a record 1.3mt of LNG, shipped to South Korea, Thailand, Japan, India, and the Philippines. Other Asian countries are resuming Russian oil imports for the first time in years after the US waiver permitted tankers to buy Russian oil, helping to ease a significant supply shock in the market. The Philippines, heavily affected by the Middle East supply squeeze and under a national energy emergency, imported its first cargo of Russia’s Far Eastern crude grade ESPO in six years. Finally, at the time of writing, the front-month (Jun/Jul) and 6-month (Jun/Dec) Brent futures spreads are at $8.30/bbl and $23.77/bbl, respectively.
Related News
April Fools to the Bulls
See all the updates across the barrel and a half dozen contracts to watch in our six reports.
6 reports
Brent Trades Below $100
Brent trades below $100 on optimism for conclusion to Iran conflict; APIs show US crude stock build; Russian tanker unloads oil in Cuba
4 page report
Done With Dramatics?
North Sea hits record highs; strong Midland/Forties demand, DFLs bid on rolls, deferred buying supports curve despite softer aggression.
June Brent Dips to $103/bbl
Brent swings on geopolitics; China export ban, Nigeria supply up, Russia restarts, LNG damage tightens.
4 page report