The Mar’25 Brent futures contract ultimately saw weakness this afternoon amid rangebound price action, seeing a decline from around $81.10/bbl at 1200 GMT down to this afternoon’s low of $80.37/bbl at 1425 GMT, before recovering to $80.90/bbl at 1745 GMT (time of writing). In the news today, an Indian government source said the country has halted trade with US-sanctioned Russian companies and tankers, but the country does not expect disruption to Russian crude supplies for a two-month wind-down period, Reuters reports. In other news, the German government is considering selling its entire 99.12% stake in the $18.8 billion energy company Uniper, however, wishes to pursue a partial stake sale of around 25% as a preferred option, as per Reuters. Parties that have been approached about a full sale include New York-headquartered Brookfield. Germany’s Finance Ministry have yet to reveal a timeframe or structure for the potential deal. Finally, the Russian Defence Ministry claimed on Telegram that Ukraine attempted a drone attack on TurkStream gas pipeline this weekend, sending nine drones to hit the Russkaya compressor station in the Russian region of Krasnodar, with no damage reported. At the time of writing, the Mar/Apr’25 and Mar/Sep’25 Brent futures spreads stand at $1.35/bbl and $5.52/bbl, respectively.
