The Dec’24 Brent futures contract saw weakness this morning, trading from $74.76/bbl at 07:00 BST and declining to $74.06/bbl at 11:15 BST (time of writing). Prices lacked strength this morning amid reports of Chinese oil refining falling to a three-month low of 58.7 million tons, a reduction of 1.6% y/y, according to Bloomberg. In the news today, Israeli authorities have released a drone video allegedly displaying Hamas leader Yahya Sinwar dying in the ruins of building in southern Gaza, as per Reuters. Following Sinwar’s death, Israeli Prime Minister Netanyahu has promised to continue conflict in Gaza and Lebanon. In other news, Chevron and the Nigerian National Petroleum Company (NNPC) have made a new oil discovery in the Niger Delta, according to S&P Global. Chevron has yet to offer information on potential production targets or a timeline for facility operations. Finally, Russian oil producer Lukoil stated that the company had no plans to buy back shares from foreign investors after requesting permission from the government to buy back 25% last year, Russia’s Deputy Finance Minister Alexei Moiseev said. At the time of writing, the front month (Dec/Jan’25) and six-month (Dec/Jun’25) Brent futures spreads are at $0.43/bbl and $1.62/bbl, respectively.
