Physical crude rebounds. Hormuz risk persists. Tanker rates keep falling. European diesel and bunkers strengthen.
CRUDE | PHYSICAL REBOUND
• Dated Brent: $96.11/b ↑$4.05 • ICE Brent Jan: $95.84/b ↑$0.02 • WTI Dec: $88.56/b ↓$0.18 • Dubai premium: +$0.40/b ↑$0.52
Dubai returned to a premium after briefly trading below futures.
⚠️ Three commercial vessels were attacked around the Persian Gulf and Oman. Hormuz recorded just 18 transits on November 12.
FREIGHT | CORRECTION CONTINUES
• PG → China VLCC: WS980 • Gulf of Oman → East: WS305 • WAF → East VLCC: WS277.5 ↓12.5 • Black Sea → Med: WS432.5 ↓7.5 • Brazil → China: WS275
Inside-Gulf loading still commands an extraordinary WS675 premium.
EUROPE | DIESEL & JET
• ARA gasoil 50ppm: $1,294.25/mt ↑$44.50 • NWE jet premium: +$114/mt • ARA jet stocks: 466kt ↓4.9% w/w • ARA gasoline stocks: 1.02m mt ↑13.7%
Cold-weather demand supports diesel, while jet inventories remain 58% below year-ago.
BUNKERS | PRICES RISE
• Singapore VLSFO: $870/mt ↑$25 • Fujairah VLSFO: $855/mt ↑$21 • Rotterdam IFO 380: $565/mt ↑$18
FERTILIZERS
• Egypt urea FOB: $500/t • Middle East FOB: $415/t • Brazil CFR: $455/t ↓$5 • NOLA FOB: $417/st ↓$3
India's delayed tender continues to weigh on sentiment.
MARKET SIGNAL
🔺 Dated Brent rebounds $4.05/b ⚠️ Hormuz freight premium remains extreme 🔻 Atlantic tanker rates continue declining 🔺 European gasoil strengthens $44.50/mt 🔺 Singapore bunkers gain $25/mt 🔻 Urea remains under pressure