The October Brent futures flat price has come off again this afternoon, falling from $79/bbl at 12:00 BST to $78.10/bbl by 14:55 BST and subsequently trading in a range between $77.95/bbl and $78.45/bbl. It stands at $78.20/bbl as of 17:10 BST (time of writing). Ukraine has said it has hit another oil depot in Russia’s Kursk region overnight, with Ukraine’s General Staff reporting that ‘as a result of the attack a fire broke out at the enemy facility’. The US is considering fresh sanctions on Venezuela following disputed results in the country’s presidential election, with measures to be released if President Nicolas Maduro fails to comply with Washington’s demands for greater transparency on the vote counting. Options could include individual sanctions or US travel bans on Venezuelan officials. BP has raised its dividend after its $2.8 billion profit for Q2 beat analysts’ forecasts by 9%, with weak refining offset by stronger oil prices and retail earnings. US oil and gas mergers have continued at a ‘furious pace’ in Q2 according to Enverus, with 18 production tie-ups with disclosed prices totaling $30.29 billion, up from 25 deals valued at $24.4 billion in the same quarter last year. At the time of writing, the front (Oct/Nov) and 6-month (Oct/Apr) spreads are $0.50/bbl and $2.10/bbl, respectively.
