Prompt Brent futures flat price has witnessed a mixed afternoon period, struggling to support itself above the $90/bbl mark. This was evidenced as twice prices passed the $90/bbl threshold before retracing lower. Price action initially hit lows of $89.42/bbl at 14:00 BST, before finding support to reach highs of $90.32/bbl at 16:40 BST. However, since then prices have dipped once more to print at $89.91/bbl at 17:10 BST. The EIA has reported that China imported a record amount of 11.3mbbls/d of crude oil in 2023 (+10% y-o-y), with Russia becoming the top provider, supplying 19% or 2.1mbbbls/d of China’s crude oil imports. BP has initiated oil production at the new Azeri Central East (ACE) offshore platform in the Caspian Sea. It is expected to process up to 100kbbls/d and have a lifetime production of 300mbbls. Bullish oil options surged to a record high following Israel’s pledge to retaliate against Iran’s missile and drone attack, with almost 350,000 calls on Brent crude traded on Monday, surpassing the previous record set in 2019. The front and 6-month Brent futures spreads are at $0.77/bbl and $4.54/bbl, respectively.
