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2025-09-18 18:26:28
Middle East crude oil rebounds strongly, with spot premiums hitting an eight-month high. ⑴ Qatar Energy significantly raised the official November al-Shaheen crude oil price to $3.61 per barrel (a premium over Dubai), a surge of $1.09 from the previous month and the highest level in eight months. ⑵ Driven by this, the spot premiums of the three major Middle East benchmark crude oils, Murban, Oman, and Dubai, snapped a two-day losing streak on Thursday, with the cash Dubai premium to swap contracts rising slightly by 4 cents to $2.96 per barrel. ⑶ Institutional data shows that over 50 transactions were concluded in the spot market that day, with the majority of transactions occurring in the $70.40-70.50 per barrel range, involving major traders such as Gunvor and Vitol. ⑷ The sharp drop in US crude oil inventories resonated with continued growth in Asian demand: US crude oil exports surged to a nearly two-year high last week, while Russian oil company executives confirmed that many Asian countries are actively replenishing their strategic reserves. ⑸ India's Mangalore refinery issued a tender for the purchase of jet fuel for the fourth quarter, further demonstrating the resilience of Asia's energy consumption demand.
