The Brent futures flat price for the prompt contract has witnessed a mixed morning. Price action initially strengthened to reach a peak of $89.68/bbl at 08:15 BST, before retracing to below the $89/bbl mark, printing at $88.97/bbl at 10:05 BST. Since then prices have seen another uptick back into $89/bbl handles. TotalEnergies has reported an adjusted net income for Q1 of $5.11 billion, down from $6.54 billion a year prior, yet above analyst expectations of $5.0 billion. CEO Patrick Pouyanne also stated that “there’s a case” to move the company’s listing from Paris. Moreover, he remains positive that Namibia’s oil potential could match Guyana in the future, aiming to approve its first oil development at the Venus discovery in Namibia by the end of 2025. Repsol has signed a deal with Petroleos de Venezuela to acquire two new oil fields, Tomoporo and La Ceiba, which contain more than 5 billion barrels of oil and are expected to produce 20kbbls/d in the next few months. The front and 6-month Brent futures spreads are at $1.18/bbl and $4.99/bbl, respectively.
