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Overnight & Singapore Window: Brent Trading In $82/bbl Handles

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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.

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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.