Spreads steady for Dubai crude futures as market awaits fresh cues

S&P Global Platts | Oct 1, 2020 at 6:32 AM
  • Benchmark Dubai crude futures intermonths were mostly steady at noon Oct. 1 amid poor Asian demand outlook, as market participants awaited fresh cues including the release of Middle East official selling prices.
  • The December/January spread was pegged at 29 cents/b contango at noon on Oct. 1, slightly lower than the minus 27 cents/b assessed at the Asian close on Sept. 30.
  • Market participants noted that poor refining margins may continue to cap demand from Asian refiners towards the end of the year.