Feb’25 Brent futures softened from $72.55/bbl at 0600 GMT to $72.20/bbl at 10:30 GMT (time of writing). The Financial Times reported today that Shell secured Nigerian government approval for a $2.4 billion onshore and shallow-water asset sale to Renaissance Group by committing to a $5 billion investment in the Bonga North deepwater project, with over 300mb of recoverable resources and an expected peak production of 110 kb/d. The strong dollar has contributed to record lows for the Rupee, Real, and Won. China’s one-year bond yield fell to 1% for the first time since 2009, and Bitcoin dropped 12.5% to $95k amid a broader asset market sell-off. US PCE price index data is due today. President-elect Donald Trump threatened the EU with tariffs unless it buys more US oil and gas, stating on Truth Social, “Otherwise, it is TARIFFS all the way!!!” The EU Commission has not commented on the claim. At the time of writing, the front (Feb/Mar’25) and 6-month (Feb/Aug’25) Brent Futures spreads are at $0.43/bbl and $1.76/bbl, respectively.
