Prompt Brent futures flat price has seen a mixed afternoon. Prices were initially supported up to $83.48/bbl at 14:30 GMT before selling interest pressured prices lower to $82.10/bbl at 16:20 GMT. Since then price action has risen slightly to print around $82.34/bbl at 17:00 GMT.
The White House has announced that on Friday they will be releasing a ‘major sanctions package’ against Russia as retribution for the death of Mr Navalny. US SPR crude inventories rose by around 0.7mbbls last week to total 359.5mbbls.
According to Alexander Novak, Russia is intending to fully meet its OPEC+ quota in Feb, despite oil refining in Russia decreasing by about 7% since the start of the year. A Urals crude shipment has arrived in Venezuela, marking the first cargo of Russian oil to arrive in the country for at least half a decade.
The front and 6-month Brent futures spreads are at $0.80/bbl and $3.47/bbl, respectively.
Europe Refinery Margins: Q2’24: $9.06/bbl, Cal’25: $4.85/bbl
Asian Refinery Margins: Q2’24: $9.47/bbl, Cal’25: $6.87/bbl
