The Dec’25 Brent Futures contract fell this morning, from $66.38/bbl at 08:00 BST to $65.76/bbl at 11:05 BST (time of writing). In the news, PENGASSAN (Nigerian oil workers union) has agreed to call off its strike after a meeting with government officials and Dangote Petroleum management. Dangote has agreed that dismissed workers would be redeployed in other subsidiaries of Dangote Group with no loss of pay, reports the Nigerian labour ministry and Reuters. EIA upward revisions to July’s statistics show crude oil production coming in at 13.64mb/d, some 344kb/d higher than expected. Consumption for gasoline, diesel, and jet fuel all also increased amidst estimated falling crude inventories in the week ending 26 Sep (-3.67mb on top of last week’s -3.82mb draw, estimates the American Petroleum Institute), suggesting that the US oil market is tighter than original data suggested. New EIA data is expected to be released later this afternoon (15:30 BST), despite a US government shutdown. In other news, the US Department of Treasury has granted a special licence delaying full sanctions on Serbia’s Russian-owned oil company (NIS) until 8 Oct; NIS is Serbia’s sole refinery. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/June’26 spreads are at $0.38/bbl and $0.90/bbl respectively.
