The Oct’25 contract rallied to $72.19/bbl at 15:21 BST and fell to $71.03/bbl at 15:26 BST. Prices have since recovered to $71.83/bbl at 17:41 BST (time of writing). In the news, Indian state refiners have halted purchases of Russian crude over the past week as discounts narrowed and US President Donald Trump warned of 100% tariffs on countries buying Russian oil. India saw its state-run companies shift to spot markets for alternatives such as Abu Dhabi’s Murban and West African grades. While private refiners like Reliance Industries and Nayara Energy continue Russian purchases, state refiners control over 60% of India’s 5.2 mb/d refining capacity. In other news, Egypt has signed an agreement with Eni and BP to begin oil and gas exploration in the Mediterranean Sea, the petroleum ministry announced. The deal also includes plans to drill an exploration well for natural gas in the Lake Timsah area, located in a basin that stretches from the Mediterranean to the Gulf of Suez through the Bitter Lakes region. PBF Energy said its Martinez refinery is partially operational and running at reduced capacity following a 1 February fire, with full repairs expected by the end of 2025. The 156kb/d facility has resumed limited production of gasoline, jet fuel, and intermediates, with throughput projected at 85kb/d -105kb/d during this period. The company reported a smaller-than-expected second-quarter loss of $1.03 per share as refining margins improved to $8.38/bbl, up from $8.12/bbl a year earlier. Finally, the front-month Sep/Oct and the 6-month Sep/Mar spreads are at $0.91/bbl and $2.84/bbl respectively.
