Crude Prices Soar Amidst Supply Crunch

0:00On April 7th, European and Asian refiners are shelling out record prices near $150 a barrel for certain crude grades way above, paper futures prices. This spike underscores a deepening supply crunch tied to the U.S. Israel conflict with Iran disrupting Middle East flows. refiners are battling for quick delivery replacements from spots like Europe and Africa, pushing those physical cargoes to new heights. North C-40s crude hit $146.9 a barrel on Tuesday, smashing its previous all-time high from 2008. Dated Bren, the key physical benchmark, trades almost $20 higher than June futures, capturing the panic for immediate refinery. Barrels, analysts at Morgan Stanley note the market scrambling right where the supply stress hits hardest. Refined products in Europe are feeling the heat too, with jet fuel at $226.40 a barrel, nearing mid-march. Records, and diesel at $203.59, closing in on 2022 peaks.

1:04S&P Global Assess Dated Brent at $141.36 on April 2nd, just shy of his 2008 record. As this physical premium widens, expect refiners to keep chasing scarce barrels while futures lag behind the real-world squeeze. That's the story for today, U.S. News Today, driven by AI.