Swelling Middle East supply limits upside for Dubai futures

S&P Global Platts | Mar 27, 2020 at 4:04 AM
  • Benchmark Dubai crude futures were largely steady in mid-morning trading hours in Asia on Friday.
  • The May EFS was pegged at minus $4.50/b Friday morning, narrowing from minus $4.74/b assessed Thursday evening in Asia.
  • As a result, the spot market in Asia was being inundated with excess volumes of Middle East crude cargoes.