Brent crude prices slipped below $102 per barrel as Russian Urals crude topped $110 per barrel, while Armenia confirmed petrol imports from Azerbaijan to prevent a retail fuel price spike.
Global market
Brent crude dropped below $102 per barrel for the first time since September 10, with WTI futures falling to $99.78 per barrel. Goldman Sachs analysts advised investors to pivot toward European gasoline, warning that refiners shifting output to diesel is rapidly tightening gasoline supplies. In Germany, Europe’s largest independent solar operator filed for bankruptcy amid grid curtailments, despite renewables reaching a record 58% of German power consumption. In Slovakia, Foreign Minister Juraj Blanár criticized EU plans to ban Russian LNG by 2027, warning of severe energy security risks. In Asia, Japan’s Mihama Nuclear Power Plant halted a reactor due to a steam generator pipe water leak, while Indian authorities required repairs on the arrested tanker Unity.
Russia & CIS
Russian Urals crude prices on a FOB basis rose above $110 per barrel, with delivery premiums to Indian ports climbing to $8 per barrel over Brent. On financial markets, the National Bank of Ukraine cited high fuel costs as a primary driver of accelerating domestic inflation. In Russia, President Vladimir Putin launched social gasification facilities and attended the signing of MC-21 aircraft contracts via video link. Meanwhile, Presidential Envoy Artem Zhoga presented the Order of Honor to the Sredneuralsk State District Power Plant staff. Additionally, Moscow Region authorized online processing for child property transactions, while Russian market indices deepened corrections.
Armenia
Armenian Economy Minister Gevorg Papoyan confirmed Armenia is importing petrol from Azerbaijan to prevent a manifold jump in retail fuel prices. Tashir Group President Samvel Karapetyan suggested Russia could adjust gas tariffs upon official request, prompting Prime Minister Nikol Pashinyan to state that Yerevan will introduce state price regulation if energy price caps become necessary. Currently, retail petrol, diesel, and natural gas prices in Armenia remain protected under long-term agreements within the EAEU, which boasts a 93.5% food self-sufficiency rate. Domestic markets remain shielded from global price shocks recorded by international market price assessments.