The Dec’25 Brent futures contract rose this morning, from $65.58/bbl at 05:00 BST to $66.28/bbl at 09:30 BST before easing to $65.93/bbl at 11:00 BST (time of writing). In the news, Reuters has reported that US sanctions on Russia-owned NIS have blocked the Serbian oil company from receiving a crude shipment. According to Reuters sources, NIS faces closure in November without new supplies. However, Serbian President Aleksandar Vucic has said that existing stocks are sufficient until the end of this year and reassured the public that crude shortages were not on the horizon. In Singapore, Indonesia’s Chandra Asri Pacific has said that it will procure nearly 60 Esso-branded petrol stations from ExxonMobil by the end of this year. Chandra will continue using the Esso brand, purchase fuel supply from Exxon, and take on Exxon staff who run the business. In other news, according to Vortexa, freight rates have surged across segments as transited oil reaches its highest level in five years. The data suggests that total crude and condensate in transit reached 1.3mb/d in October, driven by delays on sanctioned oil cargoes destined for China and India. In addition, VLCC rates have bounced to $82-85k. In the US, the Trump administration has announced the full restoration of the 1.5mn-acre Coastal Plain in Alaska for oil and gas drilling, as well as reinstating previously cancelled leases held by the Alaska Industrial Development and Export Authority. In other news, President Trump has terminated all trade negotiations with Canada following an ill-received Canadian government advertisement. The advert, featuring remarks of former US President Ronald Reagan and criticisms of US tariffs, was deemed ‘fake’ by President Trump in an X post. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.73/bbl and $2.24/bbl, respectively.
