The Jan’25 Brent Futures contract was volatile but saw strength this morning, increasing from $71.85/bbl at 07:00 GMT up to $72.55/bbl at 10:50 GMT (time of writing). Prices reached $72.45/bbl at 09:05 GMT but quickly fell to $72.00 at 09:20 GMT before recovering. In the news today, Libyan oil output is under threat amid protests in response to the kidnapping of a senior intelligence officer Mustafa al-Whayshi. According to Africanews, the protesters blame the Tripoli government for this incident and have shut down oil distribution valves which connect the Sharara and El Feel oilfields to a refinery in Zawya, a facility with a processing capacity of 350kb/d. In other news, TotalEnergies has awarded engineering contracts worth at least $3 billion as part of its fast-track development of Suriname’s first offshore project, according to Reuters. This included a contract with French firm TechnipEnergies for $1.1 billion to build a floating production storage and offloading vessel, projected to startup in 2028 with an expected oil output of 220kb/d and total crude oil capacity of 2mb. Finally, a Bloomberg report has shown that India’s trade deficit widened in October significantly to $27.1 billion, compared to a survey forecast of $22 billion. Imports grew 3.9% in October y/y while exports rose by 17.3%. At the time of writing, the Jan/Feb’25 and Jan/Jul’25 Brent futures spreads stand at $0.33/bbl and $1.22/bbl, respectively.
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Overnight & Singapore Window: Brent Increases To $72.55/bbl
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- 14 Nov 2024
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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.