The September Brent futures flat price has crumbled this afternoon following an initial tick up to $85.10/bbl at 13:45 BST. The price has since collapsed down to just below $83.15/bbl, where it sits as of 17:45 BST (time of writing). US air travel, measured using the 7-day average total traveller throughput, has risen to 6% above 2019 levels. Ukraine’s decision to halt the transit of oil through the Druzhba pipeline from Russia’s Lukoil threatens the long-term security of supply for Slovakia and Hungary, according to Hungary’s foreign minister Peter Szijjarto. Reliance Industries Ltd. has missed its profit forecasts, with the 5.4% fall in net income to $1.8 billion mostly attributable to low fuel cracks, with weak demand hurting their oil-to-chemicals unit according to CEO Mukesh Ambani. The head of Nigeria’s regulatory agency has said that Aliko Dangote is seeking an import ban on diesel and aviation fuel in a move that would hand his refinery a monopoly on their sale, with officials stating the move would harm Nigeria’s energy security. At the time of writing, the front and 6-month spreads are $1.08/bbl and $3.94/bbl, respectively.
