Prompt Brent futures flat price has witnessed a mixed afternoon period. Prices initially rebounded from low $86/bbl lows in the morning to reach $87.64/bbl at 14:00 BST. However, this support was well sold into as prices fell over $1 to $86.49/bbl by 16:15 BST. Since then prices have retraced to print above the $87/bbl mark. In a statement from President Biden, he reinforced that the US “is committed to Israel’s security”. Petrobas has again come against resistance from indigenous groups and the environmental agency Ibama, regarding exploratory oil drilling in the Foz do Amazonas area. China’s clean oil exports rose to a 14-month high of 1.25mbbls/d in March, marking a 58% rise m-o-m and a 37% increase y-o-y. Kazakhstan has vowed to reduce its crude output and compensate for producing well above its stated target in Q1, estimated at 1.6mbbls/d against the 1.47mbbls/d target. Nigeria’s Dangote refinery is currently running at about 300kbbls/d, with US crude a third of the feedstock. The front and 6-month Brent futures spreads are at $0.69/bbl and $4.04/bbl, respectively.
