Dubai Benchmark Slips Into Contango for the First Time Since July
4 Articles
4 Articles
Dubai Benchmark Slips Into Contango for the First Time Since July
The curve of the Dubai benchmark is showing signs that rising oil flows from the Middle East are exceeding demand for the first time since early July, when the three-week U.S.-Iran ceasefire allowed millions of barrels to leave unhindered the Strait of Hormuz. Physical flows have been gradually rising for the past two months as Gulf producers accelerated shuttle-shipping through Hormuz with ship-to-ship (STS) transfers in the Gulf of Oman, once …
The Middle East's oil markets give indications that supplies in the near term have exceeded demand for the first time since July, when world prices fell following a temporary ceasefire between the United States and Iran, allowing oil tankers to leave the Gulf through the Strait of Horms. The nearest time lag for Dubai's crude decades has entered the regional standard used in pricing most of [...] the Middle East's oil markets show indications of…
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