The October Brent futures flat price has significantly weakened this afternoon following an initial period of strength. The price rose from $79.90/bbl at 12:00 BST to a peak of $80.60/bbl at 14:35 BST, however it then plunged to $78.80/bbl as of 16:05 BST, but has recovered marginally to $78.95/bbl as of 17:00 BST (time of writing). Both the government and opposition have claimed victory in Venezuela’s presidential election, with the the US and Brazil questioning Maduro’s claimed victory given exit polls pointed to an overwhelming opposition victory. Colombia and Chile demand proof of the vote’s result, whilst Russia and China have backed the authoritarian president’s claim. Slovakian Prime Minister Robert Fico said on Monday that trading firms were considering a technical solution that he had offered to Ukraine to restore oil flows from Lukoil after new sanctions halted deliveries. Germany’s solar power generation has surged to a fresh record, with output reaching 48.7GW, with renewable growth keeping prices in check across Europe. Finally, Vitol paid a record dividend of $6.5 billion last year, with the payout representing an average of $14 million for each of the roughly 450 employees who own the company. At the time of writing, the front (Oct/Nov) and 6-month (Oct/Apr) spreads are $0.67/bbl and $2.48/bbl, respectively.
