Giovanni Simonetti
Junior Data Analyst, Flux
Brent Bounces Back to $69.01/bbl
PCK Schwedt refinery calls for US sanctions waiver, BP seeks US license to develop gas field, US and Saudi firms to explore Syrian oil
The Apr’26 Brent Futures contract initially saw a rangebound afternoon trading between $69.00/bbl and $69.50/bbl. Prices fell to $68.87/bbl at 16:11 but recovered back to $69.01 at 17:41 GMT (time of writing).
In the news, managers at the Russian-owned PCK Schwedt refinery in Germany have warned Berlin that US sanctions are damaging operations and threatening fuel supplies for Berlin and eastern Germany, according to a letter seen by Reuters. Banks, insurers and oil suppliers are increasingly reluctant to work with the site, raising risks to regional energy security. Germany is seeking to extend a US sanction waiver which is currently set to expire on 29 April, while options including a sale to investors or a state takeover are discussed, amid broader pressure on Russia’s energy sector. In other news, BP is seeking a license from the US government’s Office of Foreign Assets Control (OFAC) to develop the Manakin-Cocuina gas field, a cross-border project between Trinidad and Tobago and Venezuela, interim CEO Carol Howle said. The move follows the US capture of Venezuela’s former president Nicolás Maduro, which has sparked renewed energy sector interest. BP’s goal is to tap more than 1T cubic feet of gas to supply Trinidad’s LNG export facilities, where it owns a 45% stake. An earlier OFAC license was revoked in 2025. Baker Hughes, Hunt Energy and Argent LNG plan to partner with Saudi firms ACWA Power and TAQA, to pursue oil and gas exploration in northeastern Syria, according to Reuters. The move follows the ouster of Bashar al-Assad a year ago and the lifting of major US sanctions in December, opening the door to foreign investment. Finally, the front-month Apr/May’26 and 6-month Apr/Oct’26 spreads are at $0.70/bbl and $2.57/bbl respectively.
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