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European Window: Brent Weakens To $72.05/bbl

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After initial strength this afternoon, the Jan’25 Brent futures contract ultimately saw weakness this afternoon, moving from $72.45/bbl at 12:00 GMT up to $73.20/bbl 14:20 GMT down to $72.05/bbl at 17:45 GMT (time of writing). EIA data released today at 16:00 GMT for the week to 8 Nov showed a build of 2.09mb in US crude oil inventories, with US gasoline inventories falling to their lowest levels since Nov 2022. In the news today, according to a Reuters report, a senior Lebanese official Ali Hassan Khalil said Lebanon was ready to implement UN Security Council resolution 1701, which ended a 2006 war between Israel and Hezbollah. Channel 12 has reported that a response from Lebanon to a ceasefire proposal sent to Beirut from the US could come within the next 24 hours. Meanwhile, Eli Cohen, Israel’s energy minister, told Reuters “we are at a point that we are closer to an arrangement than we have been since the start of the war”. In other news, Norway’s oil investment has hit an all-time high, estimated at $22.9 billion for this year compared to the previous record of $20.4 billion in 2014, Statistics Norway stated in its Q4’24 survey of companies’ investment plans. At the time of writing, the Jan/Feb’25 and Jan/Jul’25 Brent futures spreads stand at $0.30/bbl and $1.14/bbl, respectively.


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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.