The prompt Brent futures contract has seen a correction downwards this morning, sliding from $90.77/bbl levels to just below the $90/bbl mark, trading at $89.91/bbl at 10:30 BST. According to Bloomberg reports, Claudia Sheinbaum, the leading candidate in Mexico’s upcoming presidential elections, plans to allocate $13.6 billion towards the development of new natural gas generation capacity and solar power. Additionally, the plan entails enhancing hydropower capabilities and extending Mexico’s grid by constructing 3,850 km of transmission lines. Sheinbaum also aims to support the state-owned oil company Pemex in its efforts to increase domestic refinery production. Meanwhile, Reuters calculations indicate that Russia has efficiently restored several key oil refineries targeted by Ukrainian drones, this has reduced the percentage of idled capacity from the attacks to around 10%, down from nearly 14% at the close of March. Notable refineries include Rosneft’s Ryazan plant, which has brought back CDU-4 and main CDU-6 oil refining units into operation, as well as the Kuibyshev refinery, where repairs have been made to CDU-4. The front and 6-month Brent futures spreads are at $0.79/bbl and $4.57/bbl, respectively.
