Reports

Oct’24 Brent futures flat price rose to over $79.40/bbl at 14.00 BST before it was pressured to $77.96/bbl at 17.19 BST (time of writing). Secretary of State Antony Blinken arrived in Tel Aviv to push for a Gaza ceasefire, but Hamas accused Israel of undermining the effort. Netanyahu described his meeting with Blinken as “positive” and “conducted in good spirit.” Hezbollah claimed attacks on Israeli military sites, including Zabdin and Ramim barracks, and a missile strike near the Lebanon-Israel border. APA Corp is exploring the sale of oil and gas assets in the Permian Basin, valued at around $1 billion. The sale, managed by RBC Richardson Barr and Truist Securities, aligns with APA’s focus on shale production and debt reduction. The assets produce over 22,000 barrels of oil equivalent per day, with 60% being oil. Oil production in Libya’s Waha field has been restored to normal levels, of around 300kb/d. The Oct/Nov and Oct/Apr’25 Brent spreads are at $0.63/bbl and $2.25/bbl, respectively.

The October Brent futures flat price has seen a strong afternoon, trading from a low of $78.64/bbl at 12:30 up to $80.06/bbl at 14:50 before retracing and settling around $79.73/bbl at the time of writing (17:20 BST). In headlines, data has emerged highlighting that China was the top buyer of Russian crude in July, purchasing 47% of Russia’s total exports, followed by India with 37%, the latter amounting to $2.8 billion, according to the Centre for Research on Energy and Clean Air (CREA). Furthermore, around 80% of India’s fossil fuel imports from Russia were crude oil, while India accounted for 18% of Russia’s coal exports, second to China, which purchased 45%. Russia has become India’s leading oil supplier since the invasion of Ukraine, and more Indian refiners are now exploring long-term oil supply deals with Russia; Some of India’s private refiners, including Nayara Energy—partially owned by Russia’s Rosneft—and Reliance Industries, which runs the world’s largest refinery in Jamnagar, have already secured long-term agreements to buy Russian oil. The Oct/Nov and Oct/Apr’25 Brent spreads are at $0.77/bbl and $2.69/bbl, respectively.

The Oct’24 Brent futures contract recorded a supported afternoon. The flat price dropped to $80.30/bbl at 13:55 BST before firming up to $81.30/bbl at 17:25 BST (time of writing)