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.
