Chemicals Updates

Middle East Sour Crude Daily Market Analysis / Middle East crude prices ease as refiners turn to arbitrage crudes / Dubai, Oman differentials down $2/b DOD / More clashes between US and Iran overnight

Jul 17, 2026

Middle East crude prices cooled July 15 amid heavy arbitrage crude purchases by Asian refiners and as traders re-assessed the outlook for regional supply. Benchmark cash Dubai slumped by $3.91/b day over day to be assessed at $79.29/b at the Asian close, while its differential against same-month Dubai futures eased by $2/b over the same period to a $1.94/b premium. Large arbitrage crude purchases were heard made by Asian refiners overnight as the surge in regional differentials in the prior July 14 session drove buyers to seek more economical and stable grades elsewhere. At least 8 million barrels of the US’ main export grade WTI Midland were heard sold to refiners in South Korea, Thailand, and Japan, according to sources. On a CFR North Asia basis, WTI Midland was pegged...

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