Spot premiums for crude and some refined products in Asia, Europe and Africa have fallen back following a U.S.-Iran deal to end the Middle East conflict, though caution about how soon normal shipping can resume
Spot premiums for crude and some refined products in Asia, Europe and Africa have fallen back following a U.S.-Iran deal to end the Middle East conflict, though caution about how soon normal shipping can resume is providing a floor for oil markets.
Prices tumbled across the board on Monday after U.S. President Donald Trump said a preliminary agreement had been signed. Details, however, have not been made public and both the U.S. and Iran said a permanent truce is yet to be negotiated.
Middle East crude benchmark Dubai's premium to swaps returned to pre-war levels of $2.06 per barrel on Monday. That compares with an all-time high of more than $60 in March after the war disrupted supplies.
Price differentials for Angolan crude have slipped since last week, with Dalia offered at a discount to pricing benchmark dated Brent of $2.20 a barrel, a trader said. In April, some Angolan grades had soared to record premiums to dated Brent on concerns of prolonged supply disruption.
In the European market, offers are down around 20 cents to 30 cents per barrel for many crude grades, another trader said.
NAPHTHA FLIPS TO CONTANGO
Producers such as the United Arab Emirates
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