Prompt Brent futures flat price has witnessed a quieter afternoon period, albeit a stronger one as prices have risen by around $1. Price action fell to lows of $86.22/bbl at 12:15 BST, but at this level participants were happy to add some length as prices retraced higher to $87.67/bbl at 16:05 BST. Since then prices have again come off slightly to print in the low $87/bbl handles. According to the IMF, Saudi Arabia will require an average oil price of $96.20/bbl to balance its budget, if it crude output steady near 9.3mbbls/d for 2024. Oil super tankers carrying crude to China are set to total 124 vessels in the next 90 days, the greatest amount seen since April 2023. From April 22, Platts will launch daily assessments for Pacific Dilbit and Low TAN Dilbit crude for loading FOB Westridge in anticipation of the Trans Mountain Pipeline expansion. Oil demand in India rose to an all time high in February, whilst its product exports rose to a seasonal high. Sinopec announced that it has completed a deal with KazMunayGas to acquire a 30% stake in a planned polyethylene project in Kazakhstan. The front and 6-month Brent futures spreads are at $0.74/bbl and $4.20/bbl, respectively.
