- ICE will offer tanker derivatives contracts based on a route outside the Strait of Hormuz, as the oil shipping industry's main benchmark continues to be upended by the Iran war.
- Physical oil markets tightened sharply, with Dated Brent surging above $120 while ICE Brent slipped toward $101, a wide spread between physical and paper benchmarks.
- European diesel stock releases, droned tankers in the Strait of Hormuz, and China reinstating its refined product export ban drove extremely volatile trading in the week.
Quotes
“Intercontinental Exchange Inc. said it would offer tanker derivatives contracts based on a route outside the Strait of Hormuz, as the oil shipping industry's main benchmark continues to be upended by the Iran war.”
“Physical oil markets tighten sharply as Dated Brent surges above $120 despite ICE Brent slipping toward $101.”