The Dec’24 Brent futures contract saw weakness throughout the morning, trading at $74.57/bbl at 07:00 BST and dipping to $73.58/bbl at 11:15 BST (time of writing). Price action has seen a lack of strength after Israeli Prime Minister Netanyahu claimed Israel would not target Iranian nuclear or crude oil facilities. In the news today, Netanyahu’s office said in a statement that Israel will listen to the US but decide a course of action according to its own national interest, according to Reuters. Meanwhile, continuing Israeli strikes have killed at least 40 Palestinians across the Gaza strip today. In other news, Petrobras is seeking to revitalize production from existing oil fields, such as those in the Campos basin. The IEA has forecasted Brazil’s production to grow 190kb/d next year whilst Jefferies expects production from Petrobras to be flat in 2025, according to Bloomberg. Finally, four tankers currently remain at sea with unsold Russian Arctic LNG 2 cargoes, as per ship-tracking data by Kpler. At the time of writing, the front month (Dec/Jan’25) and six-month (Dec/Jun’25) Brent futures spreads are at $0.28/bbl and $1.21/bbl, respectively.
