The Nov’25 Brent Futures Contract dipped this morning, trading from $67.66/bbl at 02:00 BST to $67.34/bbl at 11:00 BST (time of writing). In the news, Nigerian oil union PENGASSAN launched a nationwide strike, escalating tensions in Africa’s top producer with an industrial standoff that may disrupt regional fuel supply/trade. The Nigerian government, PENGASSAN, and Dangote management are set to resume their meeting today at 14:00 BST. Elsewhere, the Financial Times reported ExxonMobil chief executive Darren Woods sought assurances from Mozambique’s president Daniel Chapo last week about security for a proposed $30Bn gas terminal in the country ahead of a decision to greenlight the project. Woods raised concerns about the dangers posed by a jihadist insurgency in Mozambique’s north-eastern Cabo Delgado region, where Exxon is planning to build Africa’s largest LNG facility; prior disturbances in the northern gas-rich province of Cabo Delgado in 2017 left multi-billion-dollar energy projects disrupted, according to Reuters. Imperial Oil is additionally planning to reduce its workforce by 20% next year, due to increasing oversupply concerns. Finally, at time of writing, the front-month Nov/Dec and 6-month Nov/May spreads are at $0.84/bbl and $1.93/bbl respectively.
