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Overnight & Singapore Window: Brent Rallies to $62.95/bbl

Brent rebounded to $62.95/bbl after early losses. TotalEnergies Q1 profit fell 18%, Petrobras held output flat, and Koch exits oil trading.

The Jul’25 Futures contract saw prices initially fall to $62.13/bbl at 09:28 BST before rallying up to $62.95/bbl at 10:59 BST. Prices have slightly fallen off to $62.68/bbl at 11:50 BST (time of writing). In the news, TotalEnergies reported an 18% drop in adjusted net income for Q1 2025, coming in at $4.2B, slightly below expectations. Despite a 4% increase in oil and gas production, earnings fell across most segments due to lower oil prices and weaker refining margins. Net debt nearly doubled to $20.1 billion, driven by seasonal working capital needs. LNG was the only segment to post y/y profit growth. Petrobras kept oil production flat in Q1 2025 at 2.77 mb/d, down 0.2% y/y but up 5.4% from Q4. Gains from new  Floating Production, Storage, and Offloading units (FPSOs) and fewer outages offset natural declines. Crude output fell 1% to 2.21 mb/d. The company aims to boost Buzios field output to 2 mb/d by 2030. Proven reserves rose to 11.4 B barrels. Petrobras plans to invest $111B through 2029, with $77B for oil and gas. In other news, Koch’s Minerals & Trading is exiting oil and fuels trading to focus on more consumer-oriented areas such as metals, maritime transport, and natural gas products, a spokesperson confirmed on Tuesday. The move follows earlier reports of staff departures in its global oil trading division. Finally, the front month Jun/Jul and 6-month Jun/Dec spreads are at $0.92/bbl and $1.68/bbl respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.