The October Brent futures flat price has had an extremely mixed afternoon, initially falling from $81.15/bbl at 12:00 BST to the afternoon’s low of $79.45/bbl at 15:35 BST, before it then saw a retracement up to $80.20/bbl, where it sits as of 17:15 BST (time of writing). Pemex has reported a 256 billion peso ($14 billion) loss in Q2 on Friday, according to a filing with the Mexican stock exchange, an enormous reversal from the $25.4 billion profit it made in the same period last year. Nigeria’s Dangote oil refinery is reselling cargoes of US and Nigerian crude, with sources saying this reoffering is linked to technical problems at the refinery that have been affecting the crude distillation unit (CDU). Slovakia said today that it had offered a technical solution to Ukraine to restore stopped Russian oil supplies to Slovak and Hungarian refineries via the Druzhba pipeline following the sanctioning of Lukoil. Finally, the Venezuelan opposition fronted by Maria Corina Machado and her coalition’s candidate Edmundo Gonzalez, seeks to end 25 years of socialist governance in Sunday’s presidential election, with the military expected to uphold the vote’s results, regardless of the outcome. At the time of writing, the front (Oct/Nov) and 6-month (Oct/Apr) spreads are $0.74/bbl and $2.78/bbl, respectively.
