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Dubai U-Turn

Dubai physical sentiment flips: Bal-Nov/Dec spread hits contango; Brent/Dubai rallies on short covering; downtrend seen resuming
Published: November 3, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
and
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
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The start of November saw a dramatic flip in physical sentiment in Dubai crude, as the Bal-Nov/Dec'26 Dubai spread flipped from a $2.80/bbl close on Friday to contango by Monday.

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Written by

Vincent Wu

Research Associate, Flux
Vincent Wu

Martha Dowding

Research Associate, Flux
Martha Dowding

About Dubai Market Report

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13 page report