The Jun’25 Brent crude futures were rangebound between $66 and $67/bbl on Thursday morning, trading at $66.42/bbl at 11:00 BST. Prices have consolidated at a lower range following Wednesday’s bearish headlines relating to OPEC. In the news, three more Russian insurers, including U.S.-sanctioned Sberbank Insurance, are seeking India’s approval to provide marine coverage for oil tankers as Moscow navigates Western sanctions to sustain crude exports to its top customer. China has dismissed reports of trade talks with the U.S., demanding the removal of all unilateral tariffs and warning that ongoing tensions risk pushing the global economy into a state of “high friction, low trust.” Mexico’s Pemex has exported its first ULSD cargo from the delayed Olmeca refinery, signalling a shift toward international diesel markets even as the plant remains in its testing phase and was originally intended to boost domestic fuel self-sufficiency. California Governor Gavin Newsom has urged state officials to strengthen cooperation with refiners to secure fuel supplies, following Valero’s planned refinery shutdown, amid industry pushback blaming the state’s climate policies for high costs and declining refining viability. Finally, the front (Jun/Jul) and 6-month (Jun/Dec) Brent futures spreads are at $0.90/bbl and $2.45/bbl respectively.
