The Jan’26 Brent Futures rallied from $63.82/bbl at 08:30 GMT to $64.37 at 10:17 GMT. Prices then fell to $64.13/bbl at 10:33 GMT (time of writing). In the news, Gunvor has withdrawn its $22 Bn bid for Lukoil’s international business after the US Treasury labelled the trader a Russian “puppet” and signalled it would not grant a license, citing the need to end the war immediately. CEO Torbjorn Tornqvist has denied any buyback clause for Lukoil and warned that without timely regulatory approval, US sanctions taking effect on November 21 could disrupt fuel supply in Central and Eastern Europe. In other news, Japan plans to purchase LNG monthly for its emergency reserves starting January, shifting from buying only during peak demand periods to better guard against supply shocks. The Ministry of Economy, Trade and Industry (METI) will ensure at least one LNG cargo, about 70 kt, is secured each month, increasing the annual reserve to 840 kt from roughly 210 kt in recent years. This move responds to calls for an expanded strategic buffer to mitigate disruptions from conflicts or nuclear outages. EOG Resources exceeded Reuters estimates in Q3 due to higher production despite a 13% drop in Brent crude prices y/y. Production rose to 1.3 mb/d, supported by expansion in the Utica and Marcellus regions after its $5.6 Bn Encino Acquisition Partners deal. The company expects Q4 production between 1.35 and 1.39 mb/d. EOG posted an adjusted profit of $2.71 per share, beating the $2.43 average forecast. Finally, the front-month Jan/Feb’26 spread is at $0.34/bbl and the 6-month Jan/Jul’26 spread is at $0.71/bbl.
