The Nov’25 Brent Futures contract traded rangebound between $66.91/bbl and $67.36/bbl in the early afternoon before falling to $66.46/bbl at 16:31 BST. Prices have since bounces back to $66.69/bbl at 17:30 BST (time of writing). In the news, Democratic senators are urging the Trump administration to reinstate sanctions on Russian LNG, criticizing its inaction as China continues buying shipments that help fund Russia’s war in Ukraine. Despite frustration with Putin, Trump has avoided direct energy sanctions. Lawmakers say this weak enforcement weakens US pressure on Russia and invites other buyers to bypass sanctions. They’ve requested answers by 1 Oct on whether the administration plans to act against recent Russian LNG cargoes delivered to China. In other news, Iraq has given preliminary approval to a deal that would restart oil exports from its Kurdistan region through Turkey. The Kirkuk-Ceyhan pipeline remains offline due to ongoing legal and political disputes between Baghdad, the Kurdistan Regional Government (KRG), and international oil companies. However, sources say that Iraq’s cabinet, the KRG, and major foreign firms have tentatively agreed on a plan that would see the KRG deliver 230kb/d to Iraq’s state marketer SOMO, with another 50kb/d reserved for local use. Nigeria is weighing a major overhaul of its oil sector by transferring control of existing oil contracts from the state oil company NNPC to the upstream regulator NUPRC. The move could help boost state income by separating commercial and regulatory roles, however, critics warn it may blur the lines further if the regulator becomes both enforcer and participant. The proposal comes as Nigeria struggles with low production, sabotage, and underinvestment, leaving the sector fragile and uncertain. Finally, the front-month Nov/Dec spread is at $0.60/bbl and the 6-month Nov/May spread is at $1.54/bbl.
