$140, and going higher: That’s the real price of oil, right now. Oil traders will be wiped out.

by Inside China Business [3-15-2026].

The Dubai cash market for oil, as of Friday, was about $140 per barrel. But on the futures markets in New York, Brent closed at just $104.

Real buyers of oil in Asia are desperate to find crude at any price, and believe that the market is meltdown down, with no new supply coming. Paper traders in New York and London, however, believe that the oil disruptions are temporary, and will be relieved by stockpile releases and a short end to the war against Iran.

The spread between Dubai and Brent is one of the highest in history. Further, the paper market almost always prices oil higher than the physical.

One of these markets is very wrong. Either new supplies will quickly enter the market and drop the price, or New York traders will lose billions on contracts offered at far lower prices.

Closing scene, Xiandu Scenic Area, Zhejiang