The Jan’26 Brent futures contract traded relatively flat this morning, from $64.22/bbl at 06:00 GMT to $64.04/bbl at 10:30 GMT (time of writing). In the news, Reuters has reported that Indian state refiners HPCL and MRPL have purchased 5mb of US WTI crude and Abu Dhabi’s Murban crude for January delivery. Elsewhere, the US Senate has passed a funding agreement that could potentially end the federal government shutdown. The package comprises three long-term spending bills and ensures that Democrats will have a vote on prolonging health insurance tax credits. In other news, China’s PetroChina will shut its entire Yunnan petrochemical plant (capacity 92mb/y) for maintenance from 15 November to 15 January, per a company statement. In Russia, local task forces have reported that four Ukrainian drone boats have been destroyed near the Black Sea port of Tuapse. According to Reuters, ship-tracking data shows that the port has suspended fuel exports; Russian railways has said that it will extend cargo delivery restrictions towards the port until 13 November. Finally, at time of writing, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 spreads are at $0.24/bbl and $0.41/bbl, respectively.
