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Some physical oil cargoes top $130 a barrel, nearing April's record, on Saudi disruptions
Buyers rushed to secure near-term supplies as Saudi loadings were suspended and North Sea Forties crude climbed to $136.75 a barrel, LSEG data showed.
- On Tuesday, physical oil cargo prices in Europe surged above $130 a barrel, approaching record highs from April as regional conflicts disrupt Middle East supplies.
- Saudi Arabia cancelled late-September loadings from its Yanbu port following an attack on the East-West Pipeline on September 13, forcing European buyers to seek alternative sources.
- Libya halted operations at three oil fields as Brent futures approached $110 a barrel, heightening concerns that supply route disruptions could persist for weeks.
- Buyers bid up alternative supplies on Tuesday, pushing North Sea Forties crude prices higher as they scramble to replace Middle East shipments facing increasing disruptions.
- European refiners are scrambling to secure immediate physical cargoes, which currently command a premium over Brent futures because they provide faster delivery before existing inventories deplete.
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U.S. crude oil tops $105 as Saudi Arabia said to cancel some European cargoes (USO:NYSEARCA)
US crude oil futures climbed above $105/bbl as Saudi Arabia reportedly canceled or deferred shipments to some European refiners that were scheduled to load in late September.
·Ra'anana, Israel
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Some physical oil cargoes top $130 a barrel, nearing April's record, on Saudi disruptions
Prices for some physical oil cargoes in Europe have jumped to more than $130 a barrel on Tuesday, approaching record highs reached in April, as buyers rush to find alternatives to Middle East supplies facing increasing disruptions from intensifying conflict in the region.
·London, United Kingdom
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Coverage Details
Total News Sources5
Leaning Left0Leaning Right1Center2Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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