Nov’25 Brent futures came off below $67/bbl on Thursday evening, falling to lows of $66.60/bbl. It has traded within a narrow 40c range, and as of Friday morning, is struggling to break back above $67/bbl. In the news, Ukrainian drones hit Russia’s largest Rosneft refinery in Ryazan and an oil depot in occupied Luhansk overnight, sparking fires and adding to a wave of strikes that have already shut down over 17% of Russia’s refining capacity. Indian Oil Corp skipped US crude in its latest tender, instead buying Nigerian Agbami and Usan along with Abu Dhabi’s Das crude, as cheaper West African and Middle Eastern grades undercut U.S. barrels despite earlier strong arbitrage flows. Colombia’s Ecopetrol said US sanctions prevent it from acquiring Venezuela’s Monómeros fertiliser company or importing Venezuelan gas, complicating Bogotá’s plans to ease a looming domestic gas deficit. Irving Oil will begin a $40 million, 30-day annual turnaround at its 320kb/d Saint John refinery later this month, including upgrades to its FCC unit, with potential supply impacts across Atlantic Canada and the US Northeast. Finally, the front (Nov/Dec) and 6-month (Nov/May) Brent futures spreads are at $0.44/bbl and $1.20/bbl respectively.
