West-East arb less workable

Neil Crosby

24 November 2025 Time to read: minutes

Commentary summary:

– North Sea/Brent-linked arbs worsen w-o-w.

– Main risk to AG/Dubai is a peace deal.

– VLCC rates climb again favouring short haul into WCI.

I will try to limit comments on a possible Ukraine deal here given the difficulty determining outcomes, but it does seem the chances are on the up however poor the terms for Ukraine/Europe.

June Goh is a seasoned oil professional, with roles spanning Refining, Trading & Supply and Strategy over her 18 years at Shell. She has done refinery scheduling, crude and feedstock optimisation and market analysis for both short term and long term price forecasting.

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West-East arb less workable

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