Giovanni Simonetti
Junior Data Analyst, Flux
Aug Brent Rebounds to $93.32/bbl
Brent swings on US-Iran deal reports; prices drop then rebound. Chevron boosts Greece offshore stake; Cheniere expands Sabine LNG. expansion
The Aug’26 Brent Futures contract traded between $93.74/bbl and $94.76/bbl early afternoon before falling in a -$2.51 move down to $91.98/bbl at 15:13 BST. Prices quickly bounced back to $93.32/bbl at 15:52 BST and at 17:00 BST (time of writing) were trading at $93.16/bbl.
The sudden drop in price came after an Axios headline reported that the US and Iran had reached a deal but were still waiting on Trump's approval. Prices rebounded after an i24NEWS source claimed that while an agreement had been reached between Iranian negotiator Araghchi and US envoy Witkoff, it had yet to be approved by senior Iranian leadership. In the news, Chevron has applied to acquire a 70% stake in an offshore oil and gas exploration block southwest of Greece, expanding its presence in the Eastern Mediterranean. The block is currently fully owned by Helleniq Energy, Chevron’s existing partner in several Greek offshore projects. The move strengthens Greece’s ambition to become a regional gas supplier and follows recent agreements covering multiple offshore blocks near Crete and the Peloponnese. In other news, Cheniere Energy Partners has signed an engineering, procurement and construction contract with Bechtel Energy for the first phase of its Sabine Pass LNG expansion project in Louisiana. The expansion will add more than 6 mt/y of LNG capacity through a new liquefaction train and related infrastructure. The project supports growing US shale gas exports and strengthens supply alternatives to Russian and Middle Eastern gas for global buyers. Cheniere expects a final investment decision by early 2027 and has already authorised early engineering and procurement work to begin. Finally, at the time of writing the front-month Aug/Sep’26 spread is at $2.01/bbl and the six-month Aug/ Feb’27 spread is at $9.80/bbl.
Related News
Brent Falls to $94/bbl
Brent trades up to $96 before falling to $94 following fresh US strikes on Iran; NZ government allocates $150mn to expand fuel reserves
4 page report
Bullish Exodus Across Oil Futures
Bulls expected to trim positions across Brent, ICE gasoil, and RBOB futures in week ending 26 May; Brent shorts to rise 8th week in a row
8 page report
Aug Brent at $93
Iran-US draft MOU eyes 60-day talks; Russia nears fuel export ban after refinery strikes; Iraq oil output hit, slow recovery.
4 page report
Memorandum of Misunderstanding
Flux Insights' CTA model shows CTA net length in the futures complex dipped from the overbought territory into the neutral territory...
6 reports