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OIL
Medium sour crude from the Middle East is falling relative to the Dubai benchmark amid muted Chinese demand and a recent spike in supplies according to Bloomberg sources.
- The Oman premium has dipped, and Qatar’s Al-Shaheen crude last week traded at a discount to Dubai for the first time since October 2020.
- The downside pressure has been driven by a drop in Chinese crude demand as import quotas drawdown and with flows of Venezuelan crude and fuel oil to nations such as China and India.
- Extended maintenance at a refinery in Oman also resulted in less domestic use and more exports to drive a bearish contango structure for Dubai according to Energy Aspects.
- The price of medium-density crudes with high sulfur content had been supported earlier this year due to Saudi cuts, demand from Asian refiners and robust diesel margins.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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