The Mar’26 Brent futures contract reached $62.83/bbl at 07:30 GMT this morning before falling to $61.85/bbl at 09:40 GMT. Prices have since recovered to $62.16/bbl at 10:40 GMT (time of writing). In the news, US President Trump has cancelled a second wave of attacks on Venezuela, after the nation agreed to release political prisoners as a sign of “seeking peace,” according to Trump’s X post. Trump has also indicated that the Venezuelan opposition leader, Maria Corina Machado, would be arriving in Washington to meet with him next week; no further details were given. In related news, Reuters reported that the White House will meet with the heads of Vitol, Trafigura, and ConocoPhillips today to discuss the marketing of Venezuelan oil. While Trump has favoured US oil majors to play the leading role in managing Venezuelan oil, European firms could “help the US sell oil,” according to Reuters. Elsewhere, Iranian authorities have cut internet access and telephone lines following protests across its major cities. Rising tensions have heightened concerns about disruptions from the producing nation. In other news, the premium for Asian HSFO versus NWE has reached its highest level in 8 months. Traders anticipate increased Venezuelan crude and fuel oil supplies to the US in the coming months, while supplies to Asia are expected to decrease. Finally, at the time of writing, the front-month (Mar/Apr) and 6-month (Mar/Sep) spreads are at $0.51/bbl and $1.12/bbl, respectively.
