The Oct’25 Brent Futures contract fell to $66.15/bbl at 09:54 BST before recovering to $66.50/bbl at 11:35 BST (time of writing). In the news, US President Trump is set to meet Russian President Putin in Alaska on 15 August, with energy markets watching closely for signs of a potential ceasefire in Ukraine that could ease tensions and reduce attacks on key infrastructure. In recent weeks, Ukrainian drone strikes have hit several major Russian energy sites, including refineries in Samara, Volgograd, Saratov, Ryazan, and the Krasnodar region. These attacks have forced shutdowns and disrupted fuel production, underscoring the war’s ongoing impact on global oil and gas flows. In other news, China’s Zhenhua Oil is set to double its crude offtake from ADNOC to 200 kb/d after becoming the asset leader for the UAE’s largest onshore oilfield, Bu Hasa. Replacing TotalEnergies in January, Zhenhua now oversees development planning and production targets for the field. The new role includes an additional 100 kb/d offtake deal agreed in April, on top of its existing 100kb/d from its equity stake in ADNOC Onshore. Indian Oil Corp (IOC) has bought 2 mb of US WTI crude for October delivery from Mercuria, paying a premium of $2.80/bbl – $2.90/bbl to dated Brent, according to Reuters sources. The purchase comes as the US increases pressure on India to reduce Russian oil imports. Finally, the front-month Oct/Nov spread is at $0.64/bbl and the 6-month Oct/Apr spread is at $1.62/bbl.
