The Jan’26 Brent futures contract rose this afternoon, from $64.45/bbl at 13:00 GMT to $65.28/bbl at 17:00 GMT (time of writing). According to Reuters, Chinese refinery Yanchang Petroleum (capacity 348kb/d) is seeking non-Russian oil in its latest crude tender for December to mid-February delivery. Simultaneously, Sinopec’s subsidiary, Luoyang Petrochemical (capacity 200kb/d), has closed its two crude distillation units for maintenance until late November, partly due to Western sanctions. Elsewhere, Russia’s crude oil deliveries to Asia via the Northern Sea Route have decreased 4.2% y/y to about 13mb, according to Kommersant daily. The use of the North Sea route is limited to warmer months, as early winter ice already hinders tanker movements, according to satellite data. In Bulgaria, the chairman of the state reserves agency stated that the country has approximately one month of gasoline supplies remaining as it prepares for US sanctions on Russia’s Lukoil, which owns the nation’s largest oil refinery and a significant portion of its storage and pipeline infrastructure. Elsewhere, India’s state-owned ONGC has reported a 17.8% y/y decline in its net profit for Q3 2025, with crude realisations at $67.23/bbl. In other news, TotalEnergies, Qatar Energy, and Petronas have signed a 5-year deal with Guyana to explore a shallow-water block, according to company executives. Finally, at time of writing, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 spreads are at $0.29/bbl and $0.73/bbl, respectively.
