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Overnight & Singapore Window: Brent Corrects to $73.37/bbl Levels

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The Feb Brent Futures contract has seen mixed price action this morning, rising up to $74.10/bbl at 07:00 GMT before correcting down to $73.40/bbl at the time of writing (10:50 GMT). In headlines, two Russian oil tankers ran aground in the Black Sea near the Kerch Strait, separating Russia from Crimea as reported by the country’s emergency services ministry on Sunday. The damage resulted in oil spilling into the water and prompted an investigation by Russian authorities for potential criminal negligence, with the tankers reportedly carrying around 4,300 dead weight tonnes of oil each. Oil accidents caused by negligence are relatively common in Russia; last year, a similar incident occurred in the Irkutsk region when two oil tankers collided due to a captain operating under the influence of alcohol, spilling an estimated 60 to 90 tons of fuel into the Lena River. In other news, Chevron announced today that it has signed a deal with aluminum giant Alcoa to supply 130 petajoules of natural gas over a 10-year period starting in 2028. The gas will be sourced from Chevron’s Gorgon and Wheatstone LNG projects, which together have a production capacity of 530 petajoules. According to the announcement, Alcoa plans to use the natural gas to power its alumina refineries in Western Australia. The front (Feb/Mar) and 6-month (Feb/Aug) Brent futures spreads are at $0.37/bbl and $1.59/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.