The Jun’25 Brent futures contract saw prices gap down last night to $60.43/bbl, seeing some support throughout the morning eventually reaching a peak of $61.48/bbl around 08:40 BST. At 11:20 BST, prices dropped down to $59.79/bbl, reaching the lowest since 2021,and have further dropped to $58.44/bbl at 12:45 BST (time of writing), In headlines, Chevron plans to triple-frac 50–60% of its Permian wells this year—up from 20% in 2024. The technique fractures three wells at once, improving efficiency and boosting returns, according to Chevron’s Jeff Newhook. The company hit 1 mb/d in Permian output in December and expects 10% growth this year before slowing to focus on cash flow. In other news, Serbian oil firm NIS, majority-owned by Russia’s Gazprom Neft, is facing supply issues and losing clients due to pending U.S. sanctions. Crude imports have dropped sharply, and major buyers like OMV and Eko have turned to alternative suppliers. NIS is relying on short-term oil deals as long-term contracts fall through, raising concerns over Serbia’s fuel security. The front month Jun/Jul spreads are at $0.40/bbl and the 6-month Jun/Dec are at $0.69/bbl.
