The Apr’25 Brent futures flat price came off on Wednesday morning, falling from $76.90/bbl at 07:15 GMT to the low $76/bbl region, trading at $76.30/bbl at 10:30 GMT (time of writing). Price action retreated as the macro environment weighed on sentiment, with Jerome Powell indicating that the Fed was not in a rush to lower rates, while the 9mb build in crude stocks as reported by the API weighed on sentiment. In the news, an oil tanker that loaded from Novorossiysk carrying 1mb of Urals crude from US-sanctioned Russian producer Surgutneftegas has been idling off India’s west coast, as Indian authorities signal they will not accept cargoes loaded after the Jan. 10 sanctions deadline. Fuel oil stocks at the UAE’s Port of Fujairah surged 25% in a week, driving total oil product inventories to an eight-month high, while ship fuel demand remained sluggish despite the end of the Chinese New Year holidays in China. TotalEnergies and Aker BP have initiated an independent review of their stakes in Equinor’s Johan Sverdrup oilfield, aiming to increase their shares in the North Sea’s largest producing field. Finally, the front (Apr/May) and 6-month (Apr/Oct) Brent futures spreads are at $0.33/bbl and $2.56/bbl respectively.
