The Dec’24 Brent futures contract showed choppy price action throughout this morning, trading at $70.87/bbl at 07:00 BST and rising to a high of $71.52/bbl at 09:25 BST, before falling to $71.23/bbl at 11:30 BST (time of writing). This may have been reacting to expectations of increasing output from Libya and an OPEC+ December oil output hike. In the news today, Colombia is set to announce a $40 billion investment plan to shift away from oil to “nature-based climate solutions”, the country’s environment minister, Susana Muhamad, said. In other news, China’s central bank has lowered interest rates today as more fiscal measures are expected to be announced before 1 Oct. In order to ease the property crisis, megacities Shenzhen and Shanghai are planning to lift restrictions on the number of homes that Chinese can buy, according to Reuters. Finally, crude output by Mexican state-owned Pemex fell 6% y/y in August down to 1.77mb/d, with the Olmeca refinery’s output far below targets set by their CEO Octavio Romero. At the time of writing, the front month (Dec/Jan’25) and six-month (Dec/Jun’25) Brent futures spreads are at $0.33/bbl and $0.69/bbl, respectively.
