Donna Dong
Research Analyst, Flux
Brent Regains Support to $67.65/bbl
Brent eased after resistance; Venezuela-Cuba flows, Russia and Pemex flag supply politics, while refinery cuts and Iraq talks shape spreads.
The Apr'26 Brent futures contract hit its intraday high at $68.93/bbl at 12:03 GMT this afternoon, where it met resistance and softened to $67/bbl by 15:35 GMT. Flat price regained support here and now stands at $67.65/bbl at 17:17 GMT (time of writing).
In the news, an oil tanker transporting Venezuelan fuel to Cuba since April of last year completed loading a 150kb gasoline cargo this week, according to a shipping schedule viewed by Reuters. This could indicate that Venezuela is preparing to send supplies to the island with US oversight. The tanker’s final destination is not yet confirmed. Elsewhere, the Russian ambassador to Havana, Viktor Koronelli, told state news agency RIA that Russia has been supplying crude oil to Cuba repeatedly over the past few years and will continue to do so. This follows US President Trump’s threats of tariffs on countries that send crude to the island nation and Mexican state-owned oil company Pemex stating that it intends to uphold its contract with the government in Havana and continue shipping oil there, after reports of a cancelled oil cargo. In other news, Bloomberg News has reported that BP is seeking a partner to help increase production and share costs at Kirkuk, one of the oldest Iraqi oil fields. In Los Angeles, Phillips 66 will lay off roughly 50% of its employees at its only remaining oil refinery in California after closing operations. Finally, at the time of writing, the Apr/May'26 and Apr/Oct'26 Brent futures spreads stand at $0.60/bbl and $2.50/bbl, respectively.
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