The Feb Brent Futures contract saw renewed strength in price action this morning, steadily rising from $73.28/bbl at 07:00 GMT to trade at $73.70/bbl at the time of writing (10:20 GMT); API statistics highlighted a moderate draw in crude by 4.7mb to the week ending Dec 6th , contrasting analyst expectations of 1.85mb. In headlines, QatarEnergy has reportedly increased the price of its al-Shaheen crude oil blend for February loadings, reflecting strong demand. According to Reuters, the price will be $1.05 per barrel above the Dubai benchmark, up $0.32 from January loadings. The company has already sold three cargos at premiums ranging from $0.90 to $1.05 per barrel. This move contrasts sharply with Saudi Arabia’s recent price cuts for key Asian markets, including a reduction for January loadings. Meanwhile, India’s Bharat Petroleum Corporation Limited (BPCL) plans to boost its refining capacity by 10 million tons annually by 2028, increasing from 35.3 million to 45 million tons per year, to meet rising demand, according to BPCL’s refining head Sanjay Khanna, reported by Reuters. At the time of writing, the front (Feb/Mar’25) and 6-month (Feb/Aug’25) Brent Futures spreads have narrowed slightly to $0.34/bbl and $1.58/bbl.
