Feb’26 Brent futures rose overnight, from $62.72/bbl at 01.39 GMT to reach $63.26/bbl at 08.29 GMT before slipping to $63.00/bbl at 10.03 GMT (time of writing). A data centre cooling issue at CME Group has forced a halt in trading across major futures and foreign exchange markets, including key benchmarks in energy, commodities, and equities, Reuters reported. CME said it is working to restore services, while data centre provider CyrusOne has not yet commented. Hungarian Prime Minister Viktor Orban will meet Russian President Vladimir Putin in Moscow to discuss securing crude oil and natural gas supplies for Hungary and to address prospects for peace in Ukraine, according to Reuters. Despite EU efforts to reduce its reliance on Russian energy, Hungary remains closely tied to Moscow. It has recently received a US sanctions exemption for continuing to use Russian oil and gas. Petrobras is preparing to release a revised five-year investment plan that will lower capital spending by around 2%, from $111 billion to $109 billion for 2025–2029, according to Reuters. The shift reflects the balance the company must strike under President Lula, who is urging stronger domestic investment to support Brazil’s economy. Mercuria and Vitol are shortlisted to buy Raizen’s Dock Sud refinery and a network of about 700 gas stations in Argentina, a deal potentially valued between $1 billion and $1.6 billion. Finally, at the time of writing, the front-month Feb/Mar’26 and 6-month Feb/Aug’26 spreads are at $0.36/bbl and $0.65/bbl, respectively.
