Oil price pullback masks lingering physical crude scarcity
Oil prices fell for a third consecutive session as Saudi Arabia moved to restore disrupted exports, but physical crude supplies remain tight. Brent crude has remained above $100/barrel since 9 September following attacks on Saudi energy infrastructure. Physical markets show acute tightness, with Dated Brent rising above $130/barrel on 14 September before easing to around $121/barrel.
Why it matters: This matters for the theme of physical crude scarcity, as futures declines do not reflect the acute tightness in prompt physical markets.