The Feb’26 Brent futures contract has eased this morning, from $63.93/bbl at 07:30 GMT to $63.25/bbl at 10:00 GMT (time of writing). In the news, Platts has announced that, beginning 15 December for cargoes and 02 January for barges, any oil product traced back to Russian crude will not be included in its benchmark price assessments. Elsewhere, Reuters has reported that Chinese crude oil imports have risen 4.9% y/y in November, as daily import volumes reached a 2-year high. According to the General Administration of Customs data, November saw an import rate of 12.4mb/d, up 5.2% compared to October levels. Meanwhile, Hebei Xinhai Holdings Group, a Chinese independent refinery operator, is moving forward with a $3.6bn petrochemicals expansion project despite disruptions to business from US sanctions. According to Reuters sources, the company has “recovered from the initial, brief disruptions” and has found workarounds by operating through entities segregated from the blacklisted firm, continuing to import Iranian oil. In other news, Energy Minister Suhail al-Mazrouei has stated that the United Arab Emirates aims not only to meet its domestic LNG needs but also to increase its exports, citing global demand surpassing supply. Finally, at time of writing, the front-month Feb/Mar’26 and 6-month Feb/Aug’26 spreads are at $0.37/bbl and $0.91/bbl, respectively.
