Dubai Benchmark Slips Into Contango for the First Time Since July | EN590 Commodities
EN590 Commodities GroupCrude Oil November 03, 2026
Dubai Benchmark Slips Into Contango for the First Time Since July Repeated Iranian-backed strikes expose weaknesses… The curve of the Dubai benchmark is showing signs that rising oil flows from the Middle East are exceeding demand for the first time since early July, when the three-week U.S.-Iran ceasefire allowed millions of barrels to leave unhindered the Strait of Hormuz. Physical flows have been gradually rising for the past two months as Gulf producers accelerated shuttle-shipping through Hormuz with ship-to-ship (STS) transfers in the Gulf of Oman, once tankers have cleared the chokepoint. As a result, the November contract of the Dubai benchmark traded at the start of this week at a discount of about $2 per barrel to the December contract, traders and brokers toldBloombergon Tuesday
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