Spot Crude Premiums Decline from Record Highs Amid Hormuz Closure
Spot crude premiums have decreased from record highs as refiners reduce output and draw on inventories to manage the loss of Middle East supply due to the closure of the Strait of Hormuz. The disruption has caused a loss of 500 million barrels of crude and refined products output, but demand destruction and inventory use are easing price pressures.
Topics: crude oil Hormuz closure refinery operations spot premiums supply disruption