The July Brent futures flat price has had a volatile afternoon, initially falling from $83.85/bbl at 12:00 BST down to the afternoon’s low of $83.25/bbl at 14:05 BST, before rallying aggressively to a daily high of $84.45/bbl at 15:05 BST. Following this, the prompt contract has retraced down to hit $83.60/bbl levels, where it continues to reside as of 17:10 BST (time of writing). The International Criminal Court (ICC) has requested arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his defence chief Yoav Gallant, and three Hamas leaders, including their global head Ismail Haniyeh and their leader in Gaza Yahya Sinwar. Jain Global, a new hedge fund thought to be managing around $5 billion started by former co-CIO of Millennium Bobby Jain, will allocate 15-20% of its capital to commodities, announcing it will initially trade derivatives before moving into the physical market. Over 226,000 people are still without power in Texas after storms battered the Gulf coast over the weekend, with most of these being customers of CenterPoint Energy in the Houston area. US air travel, calculated as the TSA total traveller throughput, was 6.8% above 2019 levels last week, indicating unprecedented flight demand in the world’s largest air market. The front and 6-month spreads are $0.25/bbl and $2.67/bbl, respectively.
