Donna Dong
Research Analyst, Flux
Brent Trades in $71/bbl Handle
EU approves new trustee arrangement; MOL says JANAF required to permit transit of seaborne Russian oil; US Supreme Court ruling on tariffs
The Apr’26 Brent futures contract has traded rangebound this afternoon within the $71/bbl handle, printing $71.53/bbl at 16:45 GMT (time of writing).
In the news, the European Commission approved a new trusteeship arrangement, giving Berlin long-term control over Rosneft's German assets, as part of efforts to find a structural solution for the business. Stakes in the PCK Schwedt, MiRo, and Bayernoil refineries were transferred to the German government's trusteeship in 2022 following Moscow's invasion of Ukraine. The trusteeship must be renewed every 6 months and currently expires on 10 March. The decision does not address the issue of US sanctions on Rosneft. Elsewhere, according to refiner MOL Group, Croatian pipeline operator JANAF is required to permit the transit of Russian seaborne oil to Hungary and Slovakia; they also noted that both countries have exemptions to EU sanctions on such imports. MOL has contracted additional oil shipments via tankers from multiple countries, including Russia, to a Croatian port, as both nations look to access emergency crude supplies. In geopolitics, the United States Supreme Court ruled 6-3 that US President Trump exceeded his authority by imposing tariffs under a law reserved for national emergencies. The ruling details that Trump will need congressional approval to impose taxes on US imports and applies to his “Liberation Day” tariffs – though it does not apply to imposed tariffs on specific countries or products. Finally, at the time of writing, the front-month (Apr/May’26) and 6-month (Apr/Oct’26) Brent futures spreads are at $0.43/bbl and $3.37/bbl, respectively.
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