Asian oil refiners are switching from Abu Dhabi's Murban crude as other grades become cheaper, Bloomberg reports citing sources
Newsquawk Staff ·
Asian oil refiners are switching from Abu Dhabi's Murban crude as other grades become cheaper, Bloomberg reports citing sources.
What it means
The shift by Asian oil refiners away from Abu Dhabi's Murban crude indicates a potential change in the dynamics of oil pricing and supply. As other grades become cheaper, this trend could pressure Murban prices downward and influence broader market sentiment, particularly for WTI and Brent benchmarks. Watch for how this may impact OPEC's strategies and overall geopolitical stability in the region.
Sources
- TREASURY WRAP: T-NOTE FUTURES (Z6) SETTLE 11+ TICKS LOWER AT 106-16
- CRUDE WRAP: WTI (Z6) SETTLES USD 0.37 LOWER AT 96.09/BBL
- Eight tankers carrying 300,800 tonnes of Russian diesel are being monitored on potential voyages to the US, with seven declaring the US as their destination and arrivals expected from November 7th, according to Ukrainian sources cited by an RFE journalist
- Venezuela's October oil exports 1.08mln bpd, almost unchanged, according to shipping data
- [MARKET UPDATE] Crude benchmarks sink on reports that the US and Tehran have made concessions related to the Iranian nuclear program and frozen funds; Brent Jan'27 has slipped beneath USD 102/bbl
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