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Overnight & Singapore Window: Brent Recovers to $73.40/bbl

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After Jan’25 Brent futures initially fell from $72.80/bbl at 07:00 GMT to $72.40/bbl at 08:15 GMT this morning, the Jan’25 contract made a recovery to $73.30/bbl at 10:30 GMT (time of writing). In the news today, Ukraine’s energy minister said the country’s power infrastructure was “under massive enemy attack”, after a nationwide air raid alert was declared due to incoming missiles. In other news, Asia’s crude oil imports are expected to increase to 26.42mb/d in November, up marginally from October’s 26.11mb/d and 26.24 mb/d in September, according to data compiled by LSEG Oil Research. However, from the period January to November 2024, average Asian crude oil imports are estimated to have declined y/y by 370kb/d. Finally, OPEC+ has postponed its online meeting to discuss oil production strategy from 1 Dec to 5 Dec. OPEC’s secretariat stated the delay was because several ministers will attend the meeting of the Gulf Cooperation Council in Kuwait on 1 Dec, as per Bloomberg. At the time of writing, the Jan/Feb’25 and Jan/Jul’25 Brent futures spreads stand at $0.54/bbl and $1.82/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.