DUBAI MARKET REPORT
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Dubai premium jumps to $15.81 as Chinese buying dries up offers; Brent/Dubai crashes below $2 amid heavy selling; desk stays bearish.
The Big (Brent/Dubai) Short
Selling flows were concentrated in the Q4'26 region, and the bearish sentiment filtered into Sep'26....
ADNOC Shock
Dubai spreads strengthened, while Brent/Dubai fell amid mixed flows. Trade-house selling may cap gains, but $4 support could hold.
Who Hit The Mute Button?
Dubai structure remains bid but range-bound, with strong Balmo and physical premiums offset by weak buying momentum and muted flows.
Open Interest, Closed-off Sentiment
Open interest in the Sep'26 Brent/Dubai contract surges above all-time highs, but liquidity is poor, with low volumes driving price action..
Red Sea Blues
Despite the bullish headlines, Saudi oil continues to flow, keeping the bullish Dubai sentiment in check...
You Could Hear a Pin Drop
Dubai rebounded after a sharp sell-off. Brent/Dubai strengthened on geopolitics, though higher prices have seen buying fade.
Open Hormuz, Close Hormuz
Renewed US-Iran hostilities lift front Dubai spreads out of contango; selling flows focused in Q4 Brent/Dubai
Hedge Of The Day
Brent/Dubai remains largely rangebound with no dominant market axe; Dubai spreads in deep contango
Oil’s Quiet on the Eastern Front
We're currently nearing the bottom of recent ranges in the M1 Brent/Dubai, which makes it critical to monitor prices.....
It’s Almost Too Quiet In Here…
Dubai stayed rangebound as EFS buying offset selling; contango and short pressure support upside in Brent/Dubai.
The Pressure of Impending Peace
Dubai collapsed on US-Iran peace hopes, while producer buying and short covering drove Brent/Dubai higher.
Dramatic Crossroads
Brent/Dubai rebounds to $5.50/bbl amid hedge buying flows on ADNOC tender; backend Brent/Dubai remains well offered