The Hormuz Strait lockdown continues to tighten, with Middle Eastern crude oil spot prices rising for three consecutive days, and physical premiums approaching $9.
- On Wednesday, Middle Eastern crude oil benchmarks such as Oman, Dubai, and Murban saw their spot premiums rise for the third consecutive trading day. The cash Dubai premium over swaps increased to $8.28 per barrel, up 43 cents from the previous day. Although the pace of gains slowed, the tight supply situation showed no signs of easing.
- According to Singapore spot market records, BP repeatedly sold several cargoes to Vitol, each priced at $104.90 per barrel, matching the cash Dubai quotation. This indicates that liquidity in the physical market is highly concentrated among a few sellers, leaving buyers with extremely limited bargaining room.
- Kuwait sharply cut its official selling price of export crude to Asia for June from a premium of $17 per barrel in May to $12.75, though this remains far above the historical average. Russian crude oil production in April fell by 460,000 barrels per day year-on-year to around 8.8 million barrels per day. For the first time since March, Japanese refineries raised their operating rates above 70%.
- Thailand's PTT issued a tender seeking to purchase 1 million barrels of sweet crude, with loading from June and a bid deadline on Thursday. A Chinese supertanker carrying 2 million barrels of Iraqi crude attempted to transit the Strait of Hormuz on Wednesday, indicating that buyers are still taking risks to secure physical supply, but continued risks in channel navigation are suppressing overall liquidity.
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.
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