The Jan’26 Brent futures contract has fallen this morning, from $62.83/bbl at 06:35 GMT to $62.29/bbl at 10:00 GMT (time of writing). In the news, a Bloomberg report has stated that US sanctions on Russian oil majors Lukoil and Rosneft could leave roughly 48mb of Russian crude afloat at sea. According to Kpler data, 50 tankers carrying Urals and ESPO crude, originally destined for China and India, are seeking new destinations; however, Russian crude export flows remain steady at roughly 3.4mb/d over the past 4 weeks. Elsewhere, Tullow Oil has cautioned that its 2025 production may be at the lower end of its forecast (40-45kb/d) due to efforts to meet its capital goals amid increasing debt and overdue payments from the Ghanaian government; according to Reuters, company shares have fallen by as much as 35% to record lows. In other news, BP has reported that its 400-mile Olympic Pipeline remains shut due to a leak earlier this month near Everett, Washington. No timeline of restoration has been given, and the amount of product released and recovered is still being evaluated. On 19 Nov, Washington Governor Bob Ferguson declared an emergency due to the pipeline shutdown, which has interrupted jet fuel supply to the Seattle-Tacoma International Airport. Finally, at time of writing, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 spreads are at $0.59/bbl and $1.07/bbl, respectively.
