The October Brent Futures contract saw a recovery this morning, trading from the day’s low of $76.59/bbl at 09:30 BST up to $77.80/bbl, at the time of writing, 11:15 BST. In headlines, a major fire has continued into today at a Russian oil depot in the Rostov region, following a Ukrainian drone attack on the Kavkaz oil facility. The attack, 150 miles from the Ukrainian border, triggered a Russian air defense response, leading to drone debris striking the facility, with a governor of the southwest Russian region stating on Sunday that the drone ignited a diesel fuel fire at an industrial warehouse. Local media reported that at least 40 firefighters had been injured, with Ukrainian officials claiming responsibility, stating the depot supplied oil to the Russian military. In the U.S., former President Donald Trump, speaking in Pennsylvania, promised to cut energy costs by reversing federal policies if elected in 2024. He criticized Biden’s green energy initiatives and warned that if Kamala Harris wins, “energy costs would triple and quadruple,” and the U.S. would “not be producing a drop of oil.” Trump emphasized boosting U.S. oil production, referring to it as “liquid gold” and advocating for energy independence. The Oct/Nov and Oct/Apr’25 Brent Futures spreads also experienced some recovery following yesterday’s fall, trading at $0.55/bbl and $2.20/bbl respectively, at the time of writing.
