The Brent futures flat price for the prompt contract has seen an overall strong morning. Price action initially found stability in the mid $82/bbl-handles, before rallying to $83.01/bbl at 08:10 GMT. Prices then swiftly corrected downwards to $82.47/bbl at 09:05 GMT, yet this incited further buying interest and price action retraced to $82.86/bbl at 10:05 GMT.
Yemen Houthi rebels announced that they attacked a US vessel with a number of anti-ship missiles in the Red Sea and will continue to escalate “military operations” during the month of Ramadan. Ukraine have launched a mass drone attack on Russia, firing at least seven missiles. The attack on Lukoil’s Norsi refinery, 340kbbls/d capacity, is reported to be serious with the main crude distillation unit being damaged, halting at least half of the refinery’s production.
The front and 6-month Brent futures spreads are at $0.53/bbl and $3.49/bbl, respectively.
