The Dec’24 Brent futures contract sold-off this afternoon, from $75.76/bbl at 12:00 BST and falling to $74.33/bbl at 17:25 BST (time of writing). In the news today, Reuters reported that US and Israeli negotiators are due to gather in Doha to restart negotiations for a Gaza ceasefire deal, with the head of Israel’s Mossad due to attend, according to Prime Minister Netanyahu’s office. In other news, Saudi Arabia’s oil export revenues have hit a three-year low, standing at $17.4 billion in August 2024, down 15.5% y/y, as per data from the country’s General Authority for Statistics. Finally, Norway’s largest oilfield, Johan Sverdrup, is expected to hit its production peak by early 2025, after hitting a one-day production record of 756kb/d for Q3’24, according to S&P Global. The operator of Joan Sverdrup, Equinor, stated that the platform is currently on a plateau in production until its expected 2025 peak. At the time of writing, the front-month (Dec/Jan’25) and six-month (Dec/Jun’25) Brent futures spreads are at $0.36/bbl and $1.46/bbl, respectively.
