{
  "id": 17984771,
  "title": "Dubai Benchmark Slips Into Contango for the First Time Since July",
  "url": "https://urgent.news/2026/11/03/dubai-benchmark-slips-into-contango-for-the-first-time-since-july",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T15:30:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/Dubai-Benchmark-Slips-Into-Contango-for-the-First-Time-Since-July.html"
  },
  "original_language": "en",
  "account": "The curve of the Dubai benchmark in the oil market has recently entered contango for the first time since July, according to recent reports. This shift indicates that rising oil flows from the Middle East have begun to outpace demand. The contango, a price structure where contracts for delivery at a later date trade at a higher price than those nearer to settlement, now shows the November contract trading about $2 per barrel cheaper than the December contract. This development signals that concerns over immediate crude supply shortages have eased. The rise in Middle Eastern oil production has weakened prices for both Dubai and Murban benchmarks, leading to increased buying by Asian refiners, particularly in India. These refiners favor Middle Eastern crude over more expensive Russian barrels due to lower freight costs. In contrast to international benchmark futures, physical Middle Eastern crude prices have declined as the region's oil flows, which are close to pre-war levels, continue to recover.",
  "summary": "The curve of the Dubai benchmark is showing signs that rising oil flows from the Middle East are exceeding demand for the first time since early July, when the three-week U.S.-Iran ceasefire allowed millions of barrels to leave unhindered the Strait of Hormuz. Physical flows have been gradually rising for the past two months as Gulf producers accelerated shuttle-shipping through Hormuz with…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}