The July Brent futures flat price has had a very shaky morning, sitting at $83.30/bbl around 05:00 BST, before bouncing rapidly between $83.30/bbl handles and $82.80/bbl handles. Following this, the price briefly reached $83.35/bbl, before plunging deep into $82/bbl handles, leaving it to sit at around $82.65/bbl at 11:15 BST (time of writing). Iran will hold presidential elections on June 28 following the death of Ebrahim Raisi, with Supreme Leader Ali Khamenei’s son Mojtaba Khamenei marked as the potential favourite. TotalEnergies and its partners have approved the $6 billion Kaminho deepwater oil project around 100km off the coast of Angola, which involves the conversion of a very large crude carrier (VLCC) into a floating production, storage and offloading vessel. Phillips 66 has announced plans to buy Pinnacle Midland, a midstream company owned by private equity firm Energy Spectrum Capital, for $550 million to expand its natural gas gathering and processing footprint in the Midland Basin. Finally, Saudi crude production fell 38kbbls/d m-o-m to 8.97mbbls/d in March, which also represents a 1.5mbbls/d (-14.3%) fall y-o-y. The front and 6-month spreads have narrowed considerably to $0.15/bbl and $2.26/bbl, respectively.
