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Overnight & Singapore Window: Brent Supported At $75.40/bbl

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The Jan’25 Brent futures contract saw strength this morning, trading from $75.05/bbl at 07:00 GMT up to $75.39/bbl at 10:45 GMT (time of writing). Crude oil prices have been supported amid potential for Hurricane Rafael to disrupt 4mb/d of oil production in the US Gulf Coast, according to Reuters. In the news today, Russian oil and gas revenue has jumped 57% m/m in October to $12.35 billion, as per Russian finance ministry data. Meanwhile, a Bloomberg report shows Russia’s seaborne crude weekly exports for the week to 3 Nov dropped by 530kb/d, the biggest decline since early June. This came as Russia made no shipments from the Arctic port of Murmansk and only one shipment from Novorossiysk on the Black Sea. In other news, France’s foreign minister Jean-Noel Barrot is expected travel to Israel on Wednesday to work towards a diplomatic end to the conflicts in Gaza and Lebanon. Barrot stated France would work with whoever wins the US election and that the US “plays an essential role in ending the Israeli-Arab conflict”. Finally, trading firms are projected to deliver an unusually large volume of about 5mb of Middle East crude oil to the Shanghai International Energy Exchange (INE) this month, as per Reuters. Vitol are to deliver the most crude to INE, about 3mb, including about 840kb of Abu Dhabi Murban crude and 2mb of Iraqi Basra Medium crude. At the time of writing, the Jan/Feb’25 and Jan/Jul’25 Brent futures spreads stand at $0.43/bbl and $1.65/bbl, respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.