The front-month (June’25) Brent futures contract remained rangebound this afternoon, hovering between $74.60 and $75.25/bbl and trading at $74.60/bbl at 17:30 BST (time of writing). Russia has ordered the Caspian Pipeline Consortium (CPC) terminal to close two of its three moorings due to a stand-off between Kazakhstan and OPEC+ over the former’s excess production. However, US oil major Chevron reported that oil output at its unit in Kazakhstan, Tengizchevroil, and oil delivery to the CPC pipeline remain uninterrupted. In macroeconomic news, Eurozone inflation declined to +2.2% y/y in March from +2.3% y/y in February due to a decline in energy costs and a slowdown in service inflation. Core inflation fell to +2.4% y/y in March from +2.6% y/y in February. In the US, ISM manufacturing PMI fell into correction territory at 49 in March for the first time since December 2024, down from 50.3 in February. US JOLTs Job openings fell to 7.568 million in February from an upward-revised 7.762 million in January. Finally, at the time of writing, the Jun/Jul’25 and Jun/Dec’25 Brent futures stand at $0.70/bbl and $3.50/bbl, respectively.
