The May Brent futures contract has seen a quiet start in the early hours of the morning at around $86.70/bbl levels before seeing volatility enter the market from around 07:00 GMT, with prices oscillating between $86.92/bbl and $86.49/bbl at 09:00 GMT, and sitting at $86.58/bbl at the time of writing (10:45 GMT). In headlines today, Ukrainian drone strikes have slashed Russian refining capacity, with estimates ranging from a loss of 600 kbbls/d from Gunvor’s CEO to 900 kbbls/d from JPMorgan Chase. The front and 6-month Brent futures contracts are at $0.67/bbl and $4.16/bbl respectively.
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