Apr’25 Brent futures strengthened from around $75.10/bbl at 0630 GMT this morning up to $75.55/bbl at 0835 GMT, before tapering off to $75.25/bbl at 1055 GMT (time of writing). In the news today, a Russian drone has caused significant damage to the radiation containment shelter at the Chornobyl nuclear power plant overnight, President Zelenskyy has stated. The attack caused a fire which has since been extinguished, while the UN’s energy watchdog said radiation levels remain normal, as per Reuters. In other news, India has agreed to boost oil and gas imports from the US in order to reduce the trade imbalance and avoid retaliatory tariffs, Bloomberg reported. India was once the top buyer of US crude, accounting for 14.5% of total US exports in 2021, however, the US accounted for less than 5% of India’s total imports in the first 11 months of 2024. Finally, the Nigerian government has signed agreements with Algeria and the Republic of Niger to advance the Trans-Saharan Gas Pipeline (TSGP) and enhance gas supplies to European markets, according to Nigeria’s BusinessDay. The pipeline is projected to stretch approximately 4,400km, connecting Nigerian gas fields in the Niger Delta to Europe. At the time of writing, the Apr/May’25 and Apr/Oct’25 Brent futures spreads stand at $0.38/bbl and $2.50/bbl, respectively.
