Physical oil shortage strikes: Brent spot price soars to $141.36, reaching a new high since 2008! A premium of over $30 compared to futures.

According to data tracked by S&P Global, on Thursday, the spot price of Brent crude oil for immediate delivery surged to $141.36 per barrel, reaching the highest level since the 2008 financial crisis. Spot prices reflect the demand for Brent crude oil to be delivered within the next 10 to 30 days. Due to a major supply disruption caused by Iran closing the Strait of Hormuz, the recent delivery price of crude oil is soaring, highlighting the current tightness in physical supply. The spot price is $32.33 higher than the June delivery Brent crude oil futures contract, which closed at $109.03 per barrel on Thursday. Amrita Sen, founder of Energy Aspects, stated in an interview on CNBC's "Trading" show that futures prices "almost give a false sense of security, as if the situation is not that tight." Sen pointed out, "You see the tightness in the spot market, but the financial markets are almost covering up the real shortages that are manifesting in all parts." She mentioned that diesel prices in Europe are currently close to $200 per barrel. Mike Wirth, CEO of Chevron, warned last week that futures prices do not reflect the true scale of oil supply disruptions caused by the closure of the strait. Wirth said that the market is currently trading based on "scarce information" and "perception." On March 23, Wirth stated at the S&P Global CERAWeek energy conference in Houston, "The very real, tangible impacts of the Strait of Hormuz closure on physical supply are gradually spilling over globally into the entire system, and I believe these impacts have not been fully priced into the oil futures price curve."