2 January 2026: 08:30 GMT
What a start to the year – 2026 begins with contango! The more the producers chuck out crude, the less money in total they get. Crude production is essentially revenue negative at the margin. If you are producer…it is really painful!
The Dubai physical premium went negative for the first time since The Officials began assessments! At -9.5c, it’s just testing the waters, but is well below the implied premium we saw on Wednesday (the January/March swap spread was at 11c at the Asian close).
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We invite you to read our reports, which are published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.
