The prompt Brent Futures contract saw a mixed morning, rising to a high of $88.48/bbl at 08:22 BST before seeing retracement and some consolidation around $88/bbl levels at 10:00 BST. In the headlines, Mexico’s state-run energy company Pemex has adjusted plans to curb oil exports as fires at two refineries have affected local demand. Earlier this month Pemex announced a sizeable cut in its rate of exports to feed local refinery expansion, with Reuters reporting the size of the cut at 436 kbpd and recording a cut of 330 kbpd in May. In other news, Equinor has reported consensus-beating earnings for Q1 2024 today, with the energy major booking an adjusted net income of $2.84 billion for Q1, down by 27% on the year due to lower natural gas prices in Europe, but beating the company-provided analysis consensus forecast of $2.04 billion. Equinor’s production rose to 2.164 mbpd equivalent in the first quarter of 2024, up from 2.130 mbpd in the same quarter last year. The prompt and 6-month Brent Futures spreads are at $0.98/bbl and $4.44/bbl, respectively.
