Reports

The October Brent futures flat price accelerated its rally on Monday afternoon, cruising past $81/bbl and trading at $81.18/bbl at 17:00 BST (time of writing). Price action has extended last week’s gains, with US recession fears easing and Middle Eastern geopolitical risk, and potentially supported by short covering flows. The market awaits response, while on Monday Russia evacuated civilians from parts of a second region following Ukraine’s incursion into sovereign Russian territory. In OPEC’s August MOMR…

The Oct’24 Brent futures witnessed a largely rangebound afternoon, with the flat price first falling from $79.50/bbl at 13:10 BST to $78.85/bbl around 15:10 BST, only to firm up to $79.70/bbl at 17:25 BST (time of writing).

The Oct’24 Brent futures contract hit $77.75/bbl at 10:45 BST, following which prices firmed up to $79.05/bbl at 17:35 BST (time of writing).

The October Brent futures flat price saw better support on Tuesday afternoon, finding a springboard of $75.60/bbl before gapping up to $77/bbl before coming off to $76.62/bbl by 17:30 BST (time of writing). The US Department of Energy announced two solicitations to purchase oil for the SPR, 1.5mb for delivery into the Bayou Choctaw site and 2.0mb for the Bryan Mound site, both in January 2025. Libya’s NOC said on Tuesday that it is gradually reducing production from the Sharara field, citing force majeure due to protests in the area.