The October Brent Futures contract has seen a volatile morning, trading from $78.90/bbl around 08:45 BST to a low of $78.12/bbl at 10:00 BST before rallying back up to print at $78.68/bbl, at the time of writing (11:30 BST). In headlines, Libya’s oil production, which stood at 1.2 mb/d, was halted at several fields after the rival eastern government ordered a stop to all oil production and exports. This move deepened Libya’s political crisis, stemming from a dispute over the leadership of the Central Bank of Libya, the sole internationally recognized depository for the country’s oil revenues. Meanwhile, ONEOK, one of North America’s largest energy infrastructure operators, announced a $5.9 billion acquisition of stakes in two energy companies from Global Infrastructure Partners. ONEOK will acquire a 43% stake in EnLink Midstream for $3.3 billion and a stake in Medallion Midstream for $2.6 billion. This follows ONEOK’s $18.8 billion acquisition of Magellan Midstream Partners last year, further expanding its network of over 50,000 miles of pipelines. At the time of writing, the Oct/Nov and Oct/Apr’25 Brent Futures spreads are trading at $1.06/bbl and $3.39/bbl, respectively.
