Middle East oil markets are indicating near-term supply is outpacing demand for the first time since July — when global | Hanami
Middle East oil markets are indicating near-term supply is outpacing demand for the first time since July — when global prices plummeted after a temporary ceasefire between the US and Iran allowed tankers to exit the Persian Gulf through the Strait of Hormuz.
The nearest timespread for the regional Dubai benchmark, which helps set pricing for nearly all the crude exported from the region, was in a bearish contango structure at the start of the week. The November contract was last at a discount of about $2 a barrel to December, according to traders and brokers #oott https://www.bloomberg.com/news/articles/2026-11-03/middle-east-oil-markets-flash-signs-of-abundance-as-flows-rise?taid=6ae96a5bc52de300012600ad&utm_campaign=trueanthem&utm_content=business&utm_medium=social&utm_source=twitter