Naphtha

The Dec ’25 Brent futures contract rallied this afternoon, from $64.36/bbl at 12:00 BST to $64.69/bbl at 17:30 BST (time of writing). Crucially, prices this week have come off to below $65.00/bbl, its lowest levels since June 2025. In the news, Bloomberg reported that OPEC+ will consider reversing another 137kb/d of its previously announced production hikes in November. Elsewhere, a source in the Ukraine’s Security Service has claimed a Ukraine attack on Russia’s Orsk oil refinery, located near the border with Kazakhstan. In related news, Russian president Vladimir Putin criticized US President Trump’s recent pressuring of India to cease Russian crude oil imports. Putin denounced efforts from the US to push Russian crude out of the oil market, stating that India would not bow to US pressure. Finally, at time of writing, the front month Nov/Dec’26 and 6-month Dec/Jun’26 spreads are at $0.37/bbl and $0.68/bbl, respectively.

The Dec’25 Brent Futures contract fell once again this afternoon, from $65.06/bbl at 12:00 BST to $64.38/bbl at 17:02 BST (time of writing). Reuters reported that India has likely exported the all-time high monthly volume of diesel to Europe in September. Volumes are estimated between 9.7mb/d and 10.4mb/d; this increase has been speculated to be due to higher premiums and capacity shortages during maintenance in Europe, incentivising Indian refiners to ship more fuel to the west. Following this surge, export volumes could decline as India is set to jump seasonally with the Diwali festival in late October. Elsewhere, Alberta has proposed a new oil pipeline to the British Columbia coast that could carry up to 1mb/d of crude oil for exportation to Asian markets. The proposal has met swift opposition, especially by the British Columbian government itself, which has historically opposed new pipeline building. In other news, Colonial Pipeline has shut down all three of its main delivery lines due to an outage that began around 10:00 BST today, two traders told Reuters. One trader said the disruption was linked to “computer issues.” Finally, the front month Nov/Dec’26 and 6-month Dec/Jun’26 spreads are at $0.27/bbl and $0.45/bbl, respectively.

The Dec’25 Brent Futures contract dipped this afternoon before recovering, from $65.68/bbl at 12:00 BST to $65.24/bbl at 14:00 BST and rallying to $65.78/bbl at 17:25 BST (time of writing). In the news, Indian imports of Russian crude oil dipped last month, averaging 1.61mb/d, down 1.72mb/d from August and 16% lower as compared to Sep 2024. Bloomberg reported that Indian refiners appear to be gradually broadening their supply basket, though Russian crude continues to account for roughly a third of all crude arrivals in the country. In other news, major US oil companies and their top managers have been targeted by the Sanaa-based Humanitarian Operations Coordination Center (HOCC), a body set up last year to liaise between Houthi forces and commercial shipping operators. As reported by Reuters, the sanctions are in retaliation for US sanctions imposed on the Houthis this year despite a truce agreement with the Trump administration. It is unclear whether these sanctions signal that the Houthis will begin targeting vessels linked to the sanctioned organizations and individuals; this would risk violation of the Trump administration’s ceasefire agreements. In other news, Iraqi Oil Minister Hayyan Abdul Ghani has said that Iraq plans to increase its oil production capacity to 5.5mb/d by the end of this year and plans to have an output capacity of at or above 6mb/d by 2029. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/June’26 spreads are at $0.37/bbl and $0.89/bbl respectively.

The Nov’25 Brent Futures Contract found support early this afternoon, rising to $67.17/bbl at 14:00 BST before falling briefly to $66.99/bbl at 15:00 BST and recovering to $67.14/bbl at 17:00 BST. In Nigera, a meeting between the Nigerian government, the trade union PENGASSAN, and Dangote (originally planned for today at 14:00 BST) was moved behind doors to the Nigerian Office of the National Security Adviser. A Nigerian official later downplayed the impact of the workers’ strike, claiming a minimal impact, as reported by Bloomberg. In the news, Reuters reported in the early afternoon that OPEC+ was likely to consider a larger oil production increase of up to 500kb/d over 3 months at its meeting on Sunday. Later in the afternoon, however, OPEC+ dismissed these claims via their official X account. OPEC+ claims that discussions have yet to begin. Elsewhere, the US Administration’s pressure on remaining buyers of Russian crude is seemingly backfiring, as Russia’s crude oil exports by sea have hit their highest level since May 2024, reports Bloomberg. Russia exported on average 3.62mb/d in the 4 weeks to 28 Sep, signalling that neither India nor any other major buyers have reduced purchases. In other news, ExxonMobil has announced a layoff of 2,000 workers globally, half of which will be from Imperial Oil, according to an official statement. Finally, at time of writing, the front-month Nov/Dec and 6-month Nov/May spreads are at $0.78/bbl and $1.73/bbl respectively.

The Nov’25 Brent Futures Contract fell this afternoon, dropping nearly $2 from $69.03/bbl at 13:00 BST to $67.87/bbl at 17:46 BST (time of writing). Kurdistan also restarted crude oil flows on Saturday, with export volumes expected to reach full capacity over the next few days, effectively pushing prices down. The Algerian government has seen declining revenues from oil and gas, pushing them to plan a seven-year Islamic bond issue of $2.3 billion, as quoted by Bloomberg. In other geopolitical news, US President Trump hosted Israeli Prime Minister Benjamin Netanyahu for pivotal talks on Monday to press him to back a Gaza peace proposal, according to Reuters. Finally, the front-month Nov/Dec and 6-month Nov/May spreads are at $0.82/bbl and $1.93/bbl respectively.

The Nov’25 Brent Futures Contract rallied to $70.75/bbl at 16:02 BST before softening to $60.26/bbl at 17:33 BST (time of writing). In the news, Dangote Petroleum Refinery has reportedly laid off all of its Nigerian workers, citing a “total reorganisation” following alleged sabotage incidents. The move came less than 24 hours after 90% of the workforce joined the Petroleum and Natural Gas Senior Staff Association of Nigeria, raising concerns about union-busting. Despite this Dangote claimed that over 3,000 Nigerian staff remain employed. In other news, Mexico’s state oil firm Pemex exported 500kb/d of crude in August, down 32% from a year earlier, as domestic refineries processed more oil. The company’s seven refineries handled just over 1.05 mb/d, while total crude and condensate output was 1.64 mb/d flat from recent months but below last year’s levels. Exports are expected to fall further, dropping to 489 kb/d next year and 393 kb/dover the next decade. Despite being a top oil producer, Mexico still imports refined products due to the inefficiency of Pemex’s refineries in processing heavy Maya crude. Several terminal operators in China’s Shandong province will ban old and suspicious vessels from docking at Huangdao Port starting 1 November, according to Reuters. The move targets tankers over 31 years old, those with fake IMO numbers, invalid certificates, or recent accident or pollution records, restrictions that appear aimed at curbing the shadow fleet used for Iranian oil exports. Huangdao is a key entry point for Iranian crude into China, which buys over 90% of Iran’s exports. Iran, meanwhile, remains defiant, vowing to continue oil sales to China despite looming UN snapback sanctions. Finally, the front-month Nov/Dec and 6-month Nov/May spreads are at $0.90/bbl and $2.47/bbl respectively.

The Nov’25 Brent futures initially traded down to the $68.50/bbl level before climbing back towards $69.30/bbl, where prices have faced resistance over the past day. The next hurdle would be the psychological $70/bbl level. In the news, Indian officials have told the Trump administration that a significant reduction in Russian oil imports would require Washington to instead allow crude purchases from sanctioned suppliers Iran and Venezuela. Slovak PM Robert Fico said on Thursday that Slovakia expects to find “common ground” with the US after pressure to end Russian energy purchases, defending receiving supplies from Moscow and stating that Slovakia’s purchases amount to 2% of Russia’s revenue and have “no impact on financing the war”. Russia will introduce a partial ban on diesel exports until the end of the year and extend an existing ban on gasoline exports, said deputy PM Alexander Novak. The diesel ban applies to re-sellers but not to producers. The gasoline ban covers producers as well as re-sellers, but does not affect inter-governmental agreements between Russia and a number of other countries, such as Mongolia. Finally, the front Nov/Dec and 6-month Nov/May’26 spreads are at $0.84/bbl and $2.22/bbl respectively.