Murban Crude Jumps to 4-Month High as ADNOC Curbs Supply to Asia
The price of Murban Crude, the flagship grade of the United Arab Emirates, surged to a four-month high this week, amid reports that the UAE’s national oil company ADNOC will reduce its immediate crude shipments to Asia. ADNOC plans to cut by about 5% the supply it is offering in spot tenders to Asia
Source: OilPrice.com
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DW NOTE
ADNOC is cutting April loadings to Asia by 15% while Murban hits $99.54 — a four-month high despite Brent trading 9% lower at $91. The Strait of Hormuz has been closed since February, and Abu Dhabi now has pricing power it hasn't enjoyed in years. Every barrel that doesn't move through the Gulf makes Middle Eastern crude outside the chokepoint worth more.