The August Brent Futures flat price has picked up strength this afternoon following a brief dip to $84.80/bbl at 14:20 BST. The contract hovered around $85.50/bbl before and after the dip, however it rallied at 16:00 BST up to a high of $85.95/bbl, where it sits as of 16:55 BST (time of writing). Germany’s Covestro said on Monday it was stepping up talks with ADNOC after the Emirati NOC made an improved $12.5 billion takeover bid following more than a year of pursuing the chemicals firm. Taiwan will supply its airlines with sustainable aviation fuel (SAF) for the first time in H1 of 2025 as part of a pilot project to hasten carbon emissions reductions in aviation and meet its net zero goals. US carmaker Ford has decided to hold back the release of new battery electric vehicle (BEV) models after heavy costs for its existing BEV models forced it to restructure its sales programme. Additionally, Canada is mulling the introduction of tariffs against Chinese EVs, with a 30-day consultation period on potential policies beginning on 02 July. At the time of writing, the front and 6-month spreads are $0.86/bbl and $3.86/bbl, respectively.
