The Aug Brent Futures flat price has had a mixed morning, falling from $83.25/bbl at 07:20 BST down to $82.95/bbl by 09:10 before it rallied up to the morning’s high of $83.50/bbl at 09:50 BST. Following this it has softened back to $83.00/bbl handles, where it currently sits as of 11:05 BST (time of writing). Saudi Arabia plans to launch a secondary offering of shares in Aramco shares soon, potentially raising over $10 billion for the Kingdom, with the offering likely to price shares at a discount of as much as 10% to the trading price. Early results in the South African election show that the ANC, who have governed the country with a minimum vote share of 57.5% in each election since 1994, are set to lose their majority with a predicted 42.5% share, meaning they will be forced to form a coalition for the first time. Saudi Arabia’s crude production fell by 38kbbls/d in March to 8.97mbbls/d, whilst its crude exports rose by 96kbbls/d to 6.41mbbls/d. The Aug/Sep and Aug/Feb’25 spreads sit at $0.35/bbl and $2.60/bbl, respectively.
