The Oct’25 Brent crude futures trended between $65.90 and $66.60/bbl on Friday afternoon. Prices have been rangebound between $65 and $67/bbl this week. Markets are in a wait-and-see mode ahead of the Trump-Putin summit. Trump posted “HIGH STAKES!!!” on Truth Social today, and speaking on board Air Force One, he said that no business would be discussed unless he sees progress for ending the war in Ukraine. Meanwhile, the Kremlin expects the summit to last 6-7 hours, adding that Russia expects the talks to yield a “result”. In other news, the first two cargoes of Venezuelan oil exported by energy major Chevron set sail for the US after their license was reinstated. Enterprise Products Partners said on Friday that the Seaway crude oil pipeline system resumed full operations after a crude oil leak from its oil terminal earlier this week. The pipeline runs from Cushing to Freeport and connects to the Enterprise Crude Houston (ECHO) terminal. Finally, the front (Oct/Nov) and 6-month (Oct/Apr) Brent futures spreads are at $0.55/bbl and $1.30/bbl respectively.
