Physical oil premium volatility: What to watch in the next 7 days

In recent weeks, the energy market has experienced extreme volatility, primarily driven by concerns over non-Middle Eastern crude supplies. By mid-April, North Sea Forties crude spiked to nearly 150 dollars a barrel, exceeding 2008 peaks, as the closure of the Strait of Hormuz triggered fears of a physical supply crunch. This environment forced buyers to pay significant premiums to secure immediate, prompt delivery, creating a temporary but intense distortion in the physical…