Nov’24 Brent Futures flat price found support this morning after a relatively quiet night, trading at $72.40/bbl at 07:00 BST before it saw resistance at $72.75/bbl around 10:50 BST and eased off to the $72.70/bbl level at 11:20 BST (time of writing). In the news today, the ECB has cut rates by 25 basis points, as was expected, for a second time in three months, to 3.5%. President Lagarde has said the ECB is determined to reach its inflation target of 2% over the medium term, however, has not yet specified an exact time frame for this goal. In other news, six Exxon and Shell refineries in Louisiana have resumed operation amid little significant damage from Hurricane Francine, as per Reuters. Production outages in the US Gulf Coast caused by the storm stood at 730 kb/d as of 12 Sep. Finally, Libya’s political factions have not reached a final deal on the central bank yet, the UN mission says. Sadiq al-Kabir, ousted governor of the Central Bank of Libya (CBL), told Reuters that international banks have suspended all transactions with Libya. At the time of writing, the front month (Nov/Dec’24) and six-month (Nov/May’25) Brent futures spreads are at $0.64/bbl and $1.63/bbl, respectively.
