The August Brent Futures flat price has continued its sickly streak, falling from $77.85/bbl at 05:35 BST to a low of $76.80/bbl at 10:30 BST. It marginally rebounded to $77.20/bbl by 10:40 BST, but has since fallen back to $76.80/bbl as of 11:15 BST (time of writing). Parts of the Rhine River in southern Germany around Maxau and Mannheim have remained closed to cargo shipping on Tuesday after heavy rain increased water levels and caused extensive flooding. According to the EIA, Latin American US refined products imports have fallen to pandemic lows, with the 77.6mbbls seen in March down 2% m-o-m and 18% y-o-y, additionally being the lowest volume recorded since April 2023. Equinor has sold a 19.5% stake in two North Sea production licences to Polish state-owned oil and gas company PGNiG, a move that will reduce the Norwegian major’s stakes from 78.2% to 58.7%. Japan is set to push for more nuclear power in an energy policy update due next year, seeking stable electricity supply in face of growing demand and heightened geopolitical risks, an impactful move given the country’s status as the world’s second-biggest LNG importer and a major buyer of thermal coal. The front and 6-month spreads are $0.08/bbl and $1.15/bbl, respectively.
