The Brent futures flat price for the Apr contract has seen a minor rally this morning. Initially price action was seen weakening to $80.19/bbl at 08:40 GMT, however this spurred some buying interest, taking the contract to above the $81/bbl mark, reaching $81.19/bbl at 09:20 GMT.
The US Fed announced the decision to hold interest rates between 5.25% and 5.5%, with rates remaining unchanged since July. The market looks ahead to the Bank of England rate outcome at 12:00 GMT, with no change expected from analysts.
China has announced a price hike of around $28/mt for both gasoline and diesel prices starting today, as a response to higher international oil prices. Shell has reported full-year 2023 adjusted earnings of $28.25bn, beating analyst forecasts of $27.5bn.
The Apr/May and Apr/Oct Brent futures spreads are at $0.32/bbl and $2.41/bbl, respectively.
| Asian Refinery Margins: Q2-24: $9.53/bbl, Cal24: $8.97/bbl |
| Europe Refinery Margins: Q2-24: $8.13/bbl, Cal24: $6.88/bbl |
