Kpler Arbitrage | The Arb View: Brent Dubai EFS Widens on European Tightness and Dubai Contango

Dubai crude oil structure has flipped into contango at multi-year lows of -$0.30/bbl, driven by prompt oversupply and difficulty placing Middle Eastern cargoes as discounted Russian and Iranian barrels continue to cap spot demand. Meanwhile, CPC terminal disruptions are tightening European markets and pushing Brent-Dubai spreads wider, while renewed Venezuela sanctions risk is pressuring Canadian heavy crude differentials as traders anticipate potential displacement from returning Venezuelan barrels.