Flat Price
The Dec’25 Brent futures contract has risen this afternoon, from $60.68/bbl at 12:00 BST to $61.17/bbl at 17:00 BST. In the news, a morning fire at BP’s Whiting refinery in Indiana (capacity 440kb/d) has been extinguished, resulting in multiple units taken offline. BP has yet to further detail the extent of the refinery’s operational status. In other news, Reuters has reported that Western pressure on Asian purchasing of Russian energy could limit India’s oil imports in December. The report also casted doubt on the likeliness of Japan ceasing Sakhalin LNG shipments, given the country’s dependency on the Russian source. In India, industry sources told Reuters that they have yet to see cuts to Russian crude oil imports and have not asked refiners to cut imports of Russian crude yet. This sits in contrast to US President Trump’s earlier comments this week, where he claimed that Indian Prime Minister Modi had agreed to half Russian crude imports. In China, state-owned oil company CNPC has continued to produce and export oil from a recently expanded Nigerian oil field, despite continuing disputes with local authorities. Military leadership expelled Chinese expatriates earlier this year, insisting that CNPC hire more local workers and address pay gaps. Despite this, according to Reuters sources, total export sales from the field have reached $2bn and capacity has increased to 900kb/d. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.15/bbl and -$0.19/bbl, respectively.
Crude
This afternoon in Brent/Dubai we traded rangebound, with Nov Brent/Dubai trading between -$0.27/bbl to -$0.24/bbl. Markets were very quiet, with some refiner buying of Nov Brent/Dubai, some small trade selling of Dec Brent/Dubai, but all day we had very two way flow. There was no OTC flow in the spreads, with Nov/Dec trading between $0.05/bbl to $0.08/bbl on screen, reactive mostly to Brent flat price. There was trade selling of Nov/Dec box, which traded -$0.03/bbl to -$0/bbl.
Fuel Oil
This afternoon in VLSFO, front Sing crack continued to drift this afternoon, with selling down to $5.75/bbl. Front spreads were well offered, with Nov/Dec traded down to -$3.50/mt and structure down the curve was pressured as well. In Euro, front crack softened following the front Sing crack, traded down to $1.20/bbl end of window. Spreads were a touch better offered in the front with Nov/Dec traded down to -$1.25/mt.
In HSFO, front 380 E/W was stronger this afternoon with outright buying up to -$2.75/mt. Front barge crack was also weaker with selling from -$2.65/bbl down to -$2.95/bbl. The weaker front crack therefore put pressure on front spreads, with Nov/Dec traded down to $9.50/mt. In 380, cracks were supported due to the stronger front E/W at -$3.45/bbl. Front spreads saw mixed interests with Nov/Dec traded at -$0.25/mt.
Distillates
This afternoon in distillates, prompt Sing gasoil spreads continued to rally, with Nov/Dec climbing from $1.55/bbl to be lifted at $1.65/bbl, while Balmo/Nov reached $1.70/bbl. The E/W rallied from -$18/mt up to -$15.50/mt before turning better offered and being hit down to -$18.50/mt post window. Regrade strengthened from $0.40/bbl to be lifted at $0.70/bbl on screen before selling off to $0.43/bbl, while Nov/Dec kero softened, falling from $1.60/bbl to $1.53/bbl.
Prompt ICE gasoil spreads sold off initially, with Nov/Jan trading from $12.75/mt down to $11.50/mt before rebounding to $14.25/mt, while the Dec crack weakened initially from $22.30/bbl to $21.70/bbl before recovering to $22.90/bbl. European jet diffs firmed from $52.50/mt up to $53.25/mt before turning better offered and easing back to $52.25/mt. Heating oil spreads and HOGOs both rallied, with the Nov HOGO moving from 13.9c/gal up to 14.6c/gal.
Gasoline
This afternoon in gasoline EBOB flat price traded end window at $14.25/bbl on a crack equivalent with matching offered. RBBRs rallied on open trading $13.40/bbl end window in Dec with arbs trading down to -1.60c/gal in Nov. Structure was bid with cracks in the front rallying throughout the afternoon with Q1 at $10.80/bbl. Spreads similarly strengthened in the afternoon with Nov/Dec trading up from $23.25/mt to $24.50/mt and Dec/Jan at $5.50/mt. The eastern structure was balanced with Nov/Dec trading $1.75/bbl and Dec/Jan at $0.80/bbl. The E/W was balanced in the afternoon trading -$1.75/bbl in Nov and -$0.65/bbl in Dec.
Naphtha
In naphtha flat price traded end window at -$4.55/bbl on a crack equivalent. The front cracks stayed balanced in the afternoon with Q1 trading -$4.90/bbl and Cal 26 at -$6.05/bbl. Structure was weak with front spreads coming off slightly throughout the afternoon with Nov/Dec trading -$0.25/mt and Dec/Jan at -$0.50/mt. The Eastern structure was balanced with the E/W firming slightly in the afternoon with Nov trading up from $32.50/mt to $33/mt and Q2 trading $24/mt.
NGLs
This afternoon in NGLs, surprisingly little reaction to Trump tariff headline, seeing premiums up smalls briefly before coming off all afternoon, down 1c/gal across the afternoon. Banks selling Q3/Q4 LST at -3.25c/gal with Dec/Jan and Dec/Feb LST trading at -1c/gal and -1.375c/gal respectively. In FEI, Nov/Dec rangebound between -$10/mt and -$9.75/mt with majors buying Jan/Feb FEI at $1/mt. Nov LST/FEI trading -$142/mt with Dec LST/FEI -$149/mt end of window, with trade selling Q4 26 LST/FEI -$137.5/mt. Nov C3/C4 CP trading $2/mt then gets hit at $0/mt with no interest afterwards. Refiner type selling butane flat price, with Nov/Dec C4 ENT trading flat this afternoon.
