The Dec’25 Brent futures contract fell this afternoon, from $62.50/bbl at 12:30 BST to $61.39/bbl at 16:45 BST. Prices met support here, recovering to $62.02/bbl at 17:00 BST (time of writing). In the news, Bloomberg has reported that Dangote Refinery is slashing its crude purchases as it faces operational challenges. The refinery is set to import 300kb/d in October, half as much as the 600kb/d purchases seen in July. In other news, new EIA data has revealed a 6.7% drop in refinery utilisation and a 3.52mb w/w build in crude oil inventories, reaching 423.8mb. Elsewhere, Bloomberg reports that Canadian oil exports to China have surged and is on track for a record month. In October, nearly 5mb have been exported from Vancouver; this rate, according to Bloomberg, is a record for the first 2 weeks of any month. More than 70% of oil-carrying vessels leaving British Colombian ports have been destined for China, as the Chinese pivot away from US crude oil. In the EU, the bloc’s energy committee has supported proposals for a quicker phase-out of Russian gas, banning imports of natural gas from the beginning of 2026. The proposal now faces Parliament for approval and amendments. In India, officials have stated that India remains ‘unaware’ of US President Trump’s claim that Prime Minister Modi pledged to cease Russian oil purchases. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.27/bbl and $0.16/bbl, respectively.
