This afternoon, Nov’24 Brent futures flat price showed steep downward movement from $74.50/bbl at 12:00 BST down to $73.19/bbl at 17:30 BST (time of writing), spiking briefly to $74.05/bbl around 15:45 BST. In the news today, engineers at Libya’s Brega port are reported to have seen a 600,000-barrel oil tanker loading, according to Reuters. This latest development comes despite the recent blockade on Libyan oil exports authorized by the eastern government. In other news, in Colombia, protests against increases in the price of diesel are threatening fuel supplies and state oil company operations at Ecopetrol. The protestors are utilising tactics such as roadblocks and attacking the Cano Limon-Covenas and Bicentario pipelines. Lastly, Spain’s crude oil imports from Venezuela have increased greatly since 2023, with new data published by Reuters today. Spain has imported a total of 1.7 million tons between January-July 2024, compared to a total of 1.4 million tons in 2023. At the time of writing, the front month (Nov/Dec’24) and six-month (Nov/May’25) Brent futures spreads are at $0.47/bbl and $1.67/bbl, respectively.
