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Overnight & Singapore Window: Brent Lingers Under $85/bbl

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The September Brent futures flat price has been well-supported this morning following an earlier decline. From 08:00 BST to 09:15 BST, the price ticked down from $84.75/bbl to $84.35/bbl, however, it has subsequently rallied to $84.95/bbl, where it sits as of 10:55 BST (time of writing). The long-stalled Iraq-Jordan export pipeline is taking tentative steps forward with a $5 billion federal budget financing provision and a recent equipment tender. The project would expand and diversify Iraq’s oil export routes, enabling oil from southern Iraq to be pumped to Turkey and feed domestic refineries along the route. PetroChina is to pay a $14.5 million fine for US export violations after the DoJ found evidence the company had reported inaccurate information in a database used to declare international exports from the US. Peru’s state-run Petroperu has reported a crude leak in the North Peruvian Oil Pipeline (ONP) that has stemmed from an illegal hook-up, but have thus far failed to specify the size of the leak. Finally, Lukoil’s NORSI refinery, which can process a total of 340kb/d (11% of Russia’s gasoline), has restarted its CDU-6 unit following a drone attack in March, with the move likely to ease worries over possible gasoline shortages. At the time of writing, the Sep/Oct and Sep/Mar’25 spreads are $0.62/bbl and $3.16/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.