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2025-09-15 18:45:07
[Crude Oil Market in Turmoil: Geopolitical Disruptions Resonate with Asian Demand] ⑴ Middle East crude oil benchmark prices surged on Monday, with Oman crude's spot premium reaching a near three-month high and Dubai crude hitting a six-month peak. This surge was driven by optimistic market sentiment, strong Chinese purchasing demand, and potential supply disruptions. ⑵ Specifically, the premium for cash-delivered Dubai crude rose 36 cents over the swap price to $3.63 per barrel. Institutional data showed that Oman crude was trading at $70.97 on Monday, a significant increase from $69.59 the previous day, and its spread with Dubai crude widened from $3.36 to $3.70. Cash-delivered Dubai crude also rose to $70.90. ⑶ Multiple factors underpinned this oil price rally: First, market concerns about the potential for further geopolitical disruptions to supply, such as the Ukrainian drone attack on a Russian refinery that caused a small fire, and Ukraine's plan to restrict diesel imports from India, a major buyer of Russian crude. 4. On the other hand, resilient demand in Asia also provided strong support for oil prices. China's crude oil processing volume increased by 7.6% year-on-year in August, indicating that refinery operations remained at a high level. Singapore's marine fuel sales also remained strong in August, reaching the highest level since December 2023. These positive macroeconomic data reflect the robust vitality of Asia's energy consumption market.
