The September Brent Futures contract has seen a relatively weak morning, trading down from highs around $82.76/bbl at 09:30 BST to a daily low of $82.24/bbl, where it currently sits at the time of writing (11:20 BST). In headlines today, The Australian government has issued new offshore gas exploration permits for the east and west coasts to address a looming supply shortage amid a shift away from coal in power generation. Resource Minister Madeleine King emphasized the ongoing need for gas to support renewable energy and manage peak energy use, though she noted that exploration permits do not guarantee new gas production. Companies receiving permits include Exxon, Chevron, Inpex Corp, and Woodside. Australia, a major LNG exporter, previously faced domestic gas shortages due to long-term foreign contracts, leading the government to require energy companies to reserve gas for the local market. In other news, a United Nations task force has opposed using carbon credits and offsets outside government-regulated emissions markets to claim emissions reductions. The task force, convened by UN Secretary-General António Guterres, asserts that these credits should not count as the polluters’ own emission reductions. Guterres has urged genuine decarbonization with specific targets for 2025, 2030, and 2035. The front and 6-month Brent Futures spreads are currently at $0.96/bbl and $3.44/bbl, respectively.
