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Buyers are “paying an exceptional premium for secure, refinery-usable Atlantic Basin barrels available now,” Morgan Stanley said.
Dated Brent surged above $140 a barrel, its highest level since 2008.
KEY POINTS
- Physical oil prices are rising much faster than futures due to immediate supply disruptions.
- The near-complete closure of the Strait of Hormuz has driven Asian buyers to seek Atlantic Basin barrels.
- Morgan Stanley clarifies that the Brent futures market is functioning as intended despite price divergence.
COMPANIES
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