Physical oil a mix of slightly loose and rather tight

Neil Crosby

11 September 2025 Time to read: minutes

Commentary summary:

• Certain parts of the oil market look weak albeit with caveats. Key products remain generally tight.

• APPEC messaging was overwhelmingly bearish; but a lot of power still lies with OPEC and the Dubai market refuses meanwhile to give up the ghost.

• Somewhat counter to seasonality for now, a little tightness has moved from disty to gasoline.

• Supply risks in general remain high and the last week proved why being short flat price remains very tricky indeed.

Neil Crosby is an experienced energy market and commodity analyst, specialising in crude oil, oil products, biofuels, and carbon. With roles at OilX and JBC Energy, he has extensive expertise in global oil industry analysis, forecasting tools, bespoke research, and client communication. His focus on refining and petrochemicals underscores his specialisation.

Sparta is a live, market intelligence and forecasting platform that enables oil traders, refiners, banks, hedge funds and wholesalers to have access to real-time and global actionable insights to capture market opportunities before others.

To find out how Sparta can allow you to make smarter trading decisions, faster, contact us for a demonstration at sales@spartacommodites.com

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Physical oil a mix of slightly loose and rather tight

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