Chemicals Updates

Middle East Sour Crude Daily Market Analysis / ME sour crude differentials hit 1-month low / Brent/Dubai spread turns positive at 45 cents/b / Oman crude exports rise 11.9% in March

May 21, 2026

Cash differentials across the Middle East sour crude complex continued weakening to a fresh one month low April 21, under continued blockade of the Strait of Hormuz and ample arbitrage volumes. assessed June cash Dubai and Oman at a premium of $8.85/b to same-month Dubai futures at the market close, down $3.07/b from the previous day. This was the lowest since March 3, when both benchmarks were assessed at a premium of $7.76/b for May loading, data showed. Front-line cash Brent/Dubai spread swung back into positive, rising $2.73/b day over day to be assessed at a premium of 45 cents/b for June, at the April 21 Asian close. The front-line spread was last positive on Feb. 26, when it was assessed at 39 cents/b. In the spot market, a 2...

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