The front-month (Jan’26) Brent futures contract weakened from the $64/bbl handle this morning to sit at $63.85/bbl at 10:11 GMT, where it met support and returned to $64.08/bbl at the time of writing (10:40 GMT). An EU-sanctioned medium-range tanker carrying approximately 30,000 metric tonnes (260kb/d) of Russian naphtha was reportedly discharging its cargo for HPCL-Mittal Energy at the Adani-owned Mundra Port in western India, according to shipping data from LSEG and Kpler. The cargo was loaded on 22 Sep, and is the first sanctioned tanker to call at the Mundra port since the Adani Group banned the entry of sanctioned tankers on 11 Sep. In other news, Saudi Aramco reported a 2.3% decline in its Q3’25 profit, citing a drop in crude oil and product prices. However, Aramco reported a net profit of 101.02 billion riyals ($26.94 billion) in Q3’25, down 2.3% y/y but up 19% Q/Q as revenues increased on higher crude production and relatively higher crude prices. The company has also raised its 2030 sales gas capacity growth target to 80% above 2021 levels, up from its previous goal of 60%. Meanwhile, BP reported a smaller-than-expected decline in Q3’25 profit, citing higher refinery margins offsetting lower crude prices. The Panama Canal anticipates an increase in transits of LPG vessels and agricultural commodities, including Chinese purchases of soybeans, to offset its forecasted revenue decline this fiscal year due to concerns about lower trade volumes. In macro news, Japan’s manufacturing PMI fell to 48.2 in October (prev: 48.5), marking its steepest decline since March 2024. Finally, the front-month (Jan/Feb’26) and six-month (Jan/Jul’26) Brent futures spreads stand at $0.40/bbl and $0.73/bbl, respectively.
