Dubai crude curve flips to contango as Gulf flows outpace demand

The Dubai benchmark's November contract slipped into contango for the first time since July, signaling that rising Middle East crude flows are now exceeding demand. Gulf producers have accelerated shuttle shipments through the Strait of Hormuz with STS transfers in the Gulf of Oman, boosting physical supply. This shift suggests a looser near-term oil market, though the sustainability of these flows remains uncertain.

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