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Home›Commodities›Energy›Dated Brent jumps above $120 as physical oil markets t…

Dated Brent jumps above $120 as physical oil markets tighten

Physical tightening is linked to a European diesel stock release, tanker disruptions in the Strait of Hormuz, and China reinstating its refined product export ban.

Reported · Written up by our desk · Energy

OilPrice reports that physical oil markets tightened sharply as Dated Brent surged above $120, even as ICE Brent slipped toward about $101.

The outlet points to multiple supply and logistics pressures driving the week’s volatile trading, including a European diesel stock release and reports of tankers being hit by drones in the Strait of Hormuz.

OilPrice also attributes part of the tightening to China reinstating its refined product export ban, noting that these factors have pushed Dated Brent higher during the same period when prompt pricing eased.

Latest closeBrent $98.07 ▼4.4%

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Sources

OilPriceDated Brent Above $120 Signals a Serious Oil Squeeze

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