Middle Eastern spot crude oil premium continues to decline, abundant supply suppresses buying interest

Bitget

News

智通财经2026/10/27 10:07

Show original

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

On Tuesday, the spot premium for Middle Eastern benchmark crude oils, Oman and Dubai, continued to decline as abundant supply combined with weak buying interest put pressure on the spot market.
Gulf oil-producing countries and traders have lowered their offers to attract demand. However, as traffic through the Strait of Hormuz recovers, buyers are in no rush to purchase and are adopting a wait-and-see attitude.
The Dubai cash crude premium over swaps fell by about $0.93 to approximately $5.92 per barrel. The price spread between Oman and Dubai also narrowed compared to the previous trading day, with spot transaction prices concentrated around $115 per barrel.
Additionally, there are reports that OPEC+ oil-producing countries may keep their December production targets unchanged at the Sunday meeting, shifting focus to the 2027 quota negotiations. This expectation has also put some pressure on the spot premium.
In the short term, if traffic in the Strait of Hormuz continues to recover and oil-producing countries maintain their production, Middle Eastern spot crude premiums may remain weak. Market participants will continue to monitor the results of the OPEC+ meeting and the pace of procurement by Asian refineries.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

Middle Eastern spot crude oil premium continues to decline, abundant supply suppresses buying interest

You may also like

Crypto prices