ExxonMobil Ships 15 Million Barrels As Murban Futures Flip into Contango
XOM•Traders are pricing in Strait of Hormuz reopening under the U.S.-Iran deal as Murban and Dubai premiums slumped into discounts, flipping futures into contango. ExxonMobil is handling five Murban and Das supertankers to Europe and has shipped up to 15 million barrels of UAE and Iraqi crude to the U.S.
1. Middle East Crude Price Dynamics
Premiums for Murban, Dubai and Oman crudes slumped into discounts this week as traders factored in a potential Strait of Hormuz reopening under the U.S.-Iran agreement, pushing Dubai and Murban futures into contango for the first time since late February.
2. ExxonMobil’s Arbitrage Shipments
ExxonMobil is actively handling at least five supertankers loaded with Murban and Das crude bound for Europe and has orchestrated shipments of up to 15 million barrels of UAE and Iraqi Basrah Medium crude to the United States, capitalizing on the widened arbitrage window.
3. Outlook on Supply Restoration
If the Strait of Hormuz reopens safely, producers are poised to restore curtailed output and release stored barrels from floating storage, which would likely exert further downward pressure on Murban and Dubai prices.
