Crude oil prices halted their rally in the last two days, and the physical premiums on Crude have also eased over the last few weeks, reflecting more availability of crude in the physical markets. Market experts have taken note of this development.
SEBI-registered research analyst sandip sabharwal pointed out in a social media post, "In the Middle East market physical premium has come down to ZERO Vs $ 30+ 6 weeks back.In the Dated Brent market, the physical premium has gone into negative Vs $ 20 just 4 weeks back for North Sea Crude."
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He further underlined that this means prices are likely to remain lower unless there is some major escalation in the conflict after the US mid-term elections.
"We are in for lower prices unless some major escalation happens after Mid Term elections," the analyst underlined.
Iran War, US Mid-Terms, Possible Peace, Another Escalation: A Recap
After tumbling nearly 8% in the previous session, crude oil prices extended their decline their in the initial hald of Tuesday, November 3, as hopes of progress in US-Iran diplomatic negotiations eased concerns over further disruptions to global energy supplies.
The sell-off followed signals from both Washington and Tehran that a diplomatic resolution to the eight-month conflict could be possible. US President Donald Trump reportedly said that Iran wanted to "make a deal and that could happen", while Iranian President Masoud Pezeshkian indicated that Tehran was willing to pursue negotiation
However, the global benchmark rebounded to $106 per barrel level following reports of US attacks on Iran's Qeshm Island.
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