The Oct’25 Brent Futures contract rallied to $66.67/bbl at 14:21 BST before softening to $66.22 at 15.20/bbl. Prices have since bounced back to $66.70/bbl at 17:15 BST (time of writing). In the news, Phillips 66 has reduced gasoline output at its 258 kb/d Bayway refinery in New Jersey following a fire near the plant’s Fluid Catalytic Cracking unit. The fire, involving ancillary equipment, caused a production outage, though the cause remains unclear. The refinery is expected to resume full operations within days. In other news, Russia-backed Indian refiner Nayara Energy said it is working with government authorities and partners to maintain stable operations at its 400 kb/d Vadinar refinery and ensure continued fuel supply, despite EU sanctions disrupting its supply chain. The sanctions forced Nayara to cut output to 70–80% and affected exports and domestic shipping. Azule Energy, a joint venture between BP and Eni, is considering drilling a second gas exploration well in Angola after its successful Gajajeira-01 discovery, which is estimated to hold over 1 trillion cubic feet of gas and 100 mb of condensate. Angola, aiming to boost gas production by over 20% in five years to meet rising domestic and export demand, is shifting focus from oil as its crude output stagnates despite exiting OPEC. Angola targets $60 Bn in oil and gas investments over five years, with key projects like Azule’s New Gas Consortium and Chevron’s Sanha Lean project expected to drive growth. Finally, the front-month Oct-Nov and the 6-month Oct/Apr spreads are at $0.63/bbl and $1.59/bbl respectively.
