The Mar’26 Brent Futures contract fell to $61.27/bbl at 15:07 GMT before rallying to $61.90/bbl at 15:44 GMT. Prices have since fallen to $61.23/bbl at 17:30 GMT (time of writing). In the news, Phillips 66 can process Venezuelan crude at two US Gulf Coast refineries as supplies become available, according to CFO Kevin Mitchell. The comments follow U.S. President Donald Trump’s statement that the United States would “take control” of Venezuela, potentially opening access for US energy firms to Venezuela’s large oil reserves. Venezuelan crude is heavy and sulfur-rich, suited for diesel and heavier fuels but typically yielding lower margins than other grades. Canadian crude oil will remain competitive and low risk even if Venezuelan output rises, Canadian Prime Minister Carney said. Carney argued Canada’s stable governance makes its oil lower risk and cost for investors. He added that higher Venezuelan production would support regional stability and that proposed carbon capture projects in Alberta could boost the appeal of Canadian crude to emissions-conscious buyers. In other news, India’s fuel consumption rose to a record 21.75 million metric tons in December, up 5.3% y/y, the highest level in oil ministry data since 1998. Growth was driven by higher use of petrol, LPG, diesel and bitumen, reflecting strong transport and construction demand. Petrol sales increased 7.1% annually, LPG rose 11.2%, and diesel climbed 5% from a year earlier, though it dipped slightly m/m. India remains the world’s third-largest oil consumer and the biggest buyer of Russian seaborne crude. Finally, the front-month Mar/Apr’26 and 6-month Mar/Sep’26 spreads are at $0.40/bbl and $0.90/bbl respectively.
