Prompt backwardation between first and second month cash Dubai surged to $1.75/barrel Friday, a rise of 47 cents/b day-on-day, as refiners looked to cover requirements for January loading Middle Eastern sour crudes, trading sources said.
The intermonth backwardation was the strongest since June 29 when it was assessed at the same level.
"Refiners are scrambling about, the market is snowballing," a trader at a trading house said.
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