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Asian refiners expected hefty cuts in Saudi Aramco’s formula prices, however the ultimate price-slashing done by the Saudi national oil company might have surprised even the most ambitious among all buyers
The Dubai futures contract moved into contango this month, for the first time in three years, with spot-traded medium sour grades across the Middle East continuing their decline amidst increasing availability and slackening demand.
Over the past month, oil prices have shed some $10 per barrel and WTI even started to see contango as market sentiment soured, developments that will inevitably lead to lower Middle East OSPs in December
Crude prices have continued to see support from ongoing tensions in the Middle East, and despite a reversal in crude prices, the overall supply picture remains tight
Surprisingly, the anticipated OSP increase for Saudi crude to Asia didn’t materialize, with Saudi Arabia becoming more cautious not to destroy demand in its key market