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Javier Blas: Murban crude from UAE shifts to contango as time spreads collapse

Javier Blas: Murban crude from UAE shifts to contango as time spreads collapse
Murban crude shifts to contango

Javier Blas, energy and commodities columnist, journalist, author at Bloomberg, highlights significant changes in the Middle Eastern crude oil market. The time spreads for several key crude grades have narrowed sharply, with Murban crude from the UAE moving into contango. This shift occurs even before the formal reopening of Hormuz, which is scheduled with a deal signing on Friday.

Earlier this month, Blas reported that China’s oil imports in May dropped 38% from the 2025 average. He also noted that Russia exported its highest volume of crude since its 2022 invasion of Ukraine as refinery attacks pushed more oil to global buyers. These developments come as traders weigh shifting supply flows in the crude market.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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