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Overnight & Singapore Window: Brent Rises To $72.45/bbl

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After trading rangebound overnight, the Jan’25 Brent futures contract saw support this morning, moving from $72.00/bbl at 07:00 GMT up to $72.45 at 10:35 GMT (time of writing). In the news today, Financial Times has revealed that Russia’s energy minister Sergei Tsivilev attempted to combine the country’s oil majors, involving the nationalisation of Lukoil and tightening control over Rosneft and Gazprom. Tsivilev introduced this ambitious idea during his initial meeting with President Vladimir Putin last month, but Putin has yet to greenlight his plan. In other news, Japan Petroleum Exploration (Japex) is looking to invest in the US tight oil and gas sector, with the aim of becoming an operator, according to Japex Executive Officer Yutaka Nishimura. Today, Japex reported a 24% y/y drop in net profit to $136 million for the April to September period, largely due to the yen’s rise against the US dollar, as per Reuters. Meanwhile, Kazakhstan’s biggest oil field Tengiz, operated by US major Chevron, has reduced oil output by around 21% on average since 26 Oct to 496kb/d, industry sources told Reuters. Finally, China has announced tax cuts from the current 3% to 1% for first and second home buyers, as part of their fiscal policy measures to boost the ailing property market. At the time of writing, the Jan/Feb’25 and Jan/Jul’25 Brent futures spreads stand at $0.25/bbl and $0.92/bbl, respectively.

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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.