- Oil is trading higher, just under $80, and headed for a weekly gain
- The WTI prompt month spread has continued to push higher, with it trading at the highest level since October, potentially signaling a tighter market
- New Middle East refineries reducing supply available for export (BBG)
- The startup of two refineries in the Middle East is reducing the volume of crude that can be exported by Oman and Kuwait
- Shipments of crude from Oman to the Duqm refinery jumped last month, while deliveries from Kuwait doubled
- Kuwait’s 600 MBbl/d Al Zour refinery has also been ramping up, leading to a fall in exports from Kuwait
- Chinese oil majors trade record amount of key derivative contract (BBG)
- Trade in Dubai partials contracts, which help set the price of the Middle Eastern benchmark, reached record levels following trades by PetroChina and Sinopec
- 292 contracts traded, and Dubai oil open interest reached a record high of 550k contracts on ICE
