Prompt Brent futures flat price has seen a much stronger afternoon. Prices were supported from $80.74/bbl at 11:40 GMT to $83.14/bbl at 16:45 GMT. There was a notable 50c/bbl rally seen in the 15 minute lead up to this level.
Equinor has shut and halted production at its Mongstad refinery in Western Norway on the back of an electrical fire. In Libya, since yesterday protests at Mellitah have kept the main gate to the complex closed, preventing workers entering or leaving the hub for Libya’s Greenstream gas pipeline to Italy. However, there has been no initial signs of supply interruptions. Russian Urals oil prices have climbed above $66/bbl, after rising since mid-Jan. Following on from last week’s oil spill off Tobago’s coastline, the spill is looking to enter Grenada’s waters, leading to a potential impact on neighbouring Venezuela.
The front and 6-month Brent futures spreads are at $0.66/bbl and $3.21/bbl, respectively.
