Overnight & Singapore Window: Brent Trades Below $68/bbl

Nov’25 Brent futures was fairly rangebound on Friday morning, trading in a 40c range between $67.40 and $67.80/bbl. In the news, Indian refiners, including IOC, BPCL, and Reliance, sharply increased US WTI crude purchases in August on competitive pricing, with volumes totalling about 9 million barrels for delivery in the coming months. India is keeping informal talks with the US open but has ruled out immediate retaliation against Trump’s new 50% tariffs, even as a bilateral trade deal remains stalled until both sides lift reciprocal duties tied to Russian oil purchases. Freight rates for Russian crude shipments to India climbed in August, with Baltic–India voyages rising to about $6 million per trip amid new EU sanctions, higher export volumes, and tight tanker demand. This weekend, Putin is set to meet Modi and Xi at the Shanghai Cooperation Organization summit to shore up Russia’s energy ties, seeking India’s continued crude purchases despite US pressure and pushing China to commit to new gas flows, even as the “energy triangle” faces political and market hurdles. Malaysia’s Petronas reported a 19% drop in H1 profit and a 24% fall in revenue, citing weaker prices and FX losses, and said it will undergo a “strategic transformation” focused on portfolio high-grading, partnerships, and cost efficiency. Finally, the front (Nov/Dec) and 6-month (Nov/May) Brent futures spreads are at $0.59/bbl and $1.84/bbl respectively.