The Mar’25 Brent futures traded from $72.50/bbl at 3:50 GMT to $72.65/bbl at 06:25 GMT (time of writing) amid thin liquidity ahead of Christmas. Price action is expected to trade around its current range during the holiday season, with a risk-off market gearing up to see a clearer idea of oil balances and sentiment once activity returns in the new year. In the US, the EIA will be releasing its crude oil and product inventory data on Friday, with API estimates due to be released on Tuesday. Analysts from Reuters have estimated a 2mb draw in the week ending 20 Dec. In other news, Chinese authorities have planned to issue 3 trillion yuan ($411 billion) worth of special treasury bonds in 2025, its highest on record and a sharp increase from this year’s 1 trillion yuan. China is also reportedly planning to increase fiscal support in 2025 by raising pensions and medical insurance subsidies for urban and rural residents alongside expanding consumer goods trade-ins. Finally, at the time of writing, the Mar/Apr’25 and Mar/Sep’25 Brent futures spreads stand at $0.35/bbl and $1.60/bbl, respectively.
