Physical Crude Hits Record Highs

Oil prices pulled back on Tuesday while physical crude markets surged to record highs, with traders taking a breather even as the underlying supply crisis worsens. WTI crude was trading at $113.7, up modestly on the day, while Brent slipped to $109.2, reflecting a cooling in futures after a sharp run higher driven by panic buying in physical markets. Meanwhile, real-world crude prices hit levels not seen before. Dated Brent—used to price much of the world’s physical oil—rose above $144 per barre...