Crude oil and refined products remain the largest physical commodity trade by value. Prices react within hours to OPEC+ policy, sanctions, refinery outages and shipping risk in the Strait of Hormuz and the Red Sea. This desk tracks the benchmarks that set the market and the physical premiums that decide whether a cargo is worth buying.
Physical price screening
| Commodity | Price / range | Basis | vs 1M | vs Jan 26 | vs Aug 25 |
|---|---|---|---|---|---|
| Brent crude | $87.08$/bbl | ICE / global | Up ~5% | Up materially | Up materially |
| WTI crude | $81.31$/bbl | NYMEX / US | Up ~4% | Up materially | Up |
| Dubai / Oman crude | ~$83–89$/bbl | Gulf / Asia physical | Up | Up | Up |
| EN590 / ULSD | ~$1,200–1,300$/MT | Europe / ARA equivalent | Up strongly | Up strongly | Up strongly |
| Jet A1 global | $146.93$/bbl | IATA / S&P refinery avg. | Volatile / up | Up strongly | Up |
| US Gulf Jet A1 | $3.2236$/gal | Platts / CME Aug-26 | Up | Up | Up |
| LPG propane | $520$/MT | Saudi Aramco Aug CP | Down $60 / −10% | Mixed | Down |
| LPG butane | $490$/MT | Saudi Aramco Aug CP | Down $110 / −18% | Mixed | Down |
| Fuel oil VLSFO | ~$600–700$/MT | Singapore / Rotterdam | Firm | Up | Up |
| Fuel oil HSFO | ~$480–580$/MT | Singapore / Rotterdam | Stable–firm | Up | Mixed |
| Bitumen | CNY 4,208CNY/MT | China benchmark | +3.8% | Up | +20.6% |
| Condensate | ~$80–92$/bbl | Gulf / Asia | Up | Up | Up |
| Petcoke | ~$100–170$/MT | US Gulf / MENA | Stable | Up | Mixed |
Market structure
Supply is concentrated among OPEC+ members, the United States, Brazil, Guyana, Canada and Norway. Demand growth has moved to Asia, where China and India account for most incremental crude imports. In refined products, Europe depends on imported middle distillates, while the Arab Gulf, India and the US Gulf Coast are the swing exporters of diesel and jet fuel.
Price formation
ICE Brent is the reference for most internationally traded crude; NYMEX WTI and Dubai/Oman cover North America and the Asian sour-crude market. Refined products trade as differentials to Platts and Argus assessments for ARA, the Mediterranean, the Arab Gulf and Singapore. Freight, war-risk insurance and the spread between prompt and forward months often move a cargo's economics as much as the flat price.
Trade mechanics
Product cargoes typically range from 30,000 to 100,000 tonnes; crude moves in Aframax, Suezmax and VLCC sizes. Counterparties are refiners, national oil companies and the major trading houses. Contracts are FOB, CFR or CIF, with independent inspection at loading, laytime and demurrage terms, and payment by documentary letter of credit against a clean bill of lading.
Desk coverage
| Product | Grades and markets | Unit |
|---|---|---|
| Crude oil | Brent, WTI, Dubai/Oman, Murban; light, medium and heavy grades | $/bbl |
| EN590 diesel (ULSD 10 ppm) | ARA and Mediterranean cargoes and barges | $/MT |
| Jet A1 | Rotterdam, Arab Gulf and Singapore | $/MT, $/bbl |
| LPG | Propane and butane; Saudi Aramco contract price | $/MT |
| Fuel oil | VLSFO and HSFO for bunkers and power | $/MT |
| Bitumen, petcoke, condensate | Road construction, cement kilns, refinery feed | $/MT, $/bbl |
TradeScout24 Insights · Market overview · Live data via TradingView; screening from the Weekly Market Monitor (14 August 2026) · Last reviewed 31 Oct 2026