The Mar Brent futures contract has been strengthening throughout the afternoon, reaching above the $80/bbl mark and trading at $80.22/bbl at 18:05 GMT (time of writing). WTI prices also found support and traded at $74.80/bbl at 17:00 GMT. Geopolitical concerns continued to support the crude complex.
On the other side of the Atlantic, the court-ordered auction of the shares of the Venezuelan PDVSA’s US-based refiner Citgo Petroleum attracted dozens of companies for the auction process, according to sources close to the matter. Citgo is the seventh-largest refiner in the US.
According to data from the Joint Organizations Data Initiative, Saudi Arabia’s crude exports grew to hit a five-month high at 6.34mbpd in November. This number comes despite the country seeing a 1.36% decline in oil production compared to October.
On Aug 16, the Nigerian National Petroleum Company secured a $3.3bn emergency crude repayment loan. Specifics of the transaction were made public recently and they highlight an interest rate of 11.85% per annum. The loan was aimed at stabilising the foreign exchange market as well as supporting the naira.
The front and 6-month Brent futures spreads are at $0.48/bbl and $2.06/bbl respectively.
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