The Aug Brent Future flat price has softened this morning following an initial period of strength. The price ticked up from $82.20/bbl handles to reach the morning’s high of $82.55/bbl at 09:15 BST, before weakening to below $82/bbl by 10:30 BST. It sits in $81.90/bbl handles as of 11:10 BST (time of writing). The American Petroleum Institute (API), the US’ largest trade group which includes ExxonMobil and Chevron, will file a federal lawsuit today seeking to block the Biden administration’s efforts to reduce car and light truck emissions and encourage EV manufacturing. Six Niger soldiers have been killed guarding a major Niger-Benin oil pipeline in Niger’s southeastern Dosso region, according to security sources, however, the pipeline was not damaged. Angola has threatened to terminate a contract with US-based group Quanten LLC to build a $3.5 billion refinery in the nation if it fails to raise funds for the project, with the ultimatum presented after the firm showed “serious difficulties” in securing financing for the 100kb/d facility in Soyo. Finally, South Korean buyers have cut Russian naphtha imports amid a government probe, with these mainly replaced by Qatari naphtha imports, which totalled 3mb/d in May. The front and 6-month spreads are $0.42/bbl and $2.48/bbl, respectively.
