• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 7 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 7 hours Oceans "Under Fire" Of Plastic Trash
  • 1 day Is Natural Gas Renewable? I say yes it is.
  • 1 day Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 2 hours Cheermongering about O&G in 2019
  • 2 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 1 day Making Fun of EV Owners: ICE-ing Trend?
  • 8 hours Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 1 day Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 17 hours North Sea Rocks Could Store Months Of Renewable Energy
  • 9 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 day Orphan Wells
Israel Aims To Become An Energy Export Hub

Israel Aims To Become An Energy Export Hub

A new sub-sea natural gas…

Libya’s Oil Future Depends On This Huge Oil Field

Libya’s Oil Future Depends On This Huge Oil Field

Libya’s oil future hinges on…

Dated Brent Oil Differential Dips To Lowest Since November 2015

Offshore rig

Sluggish April cargo buying sent the North Sea Dated Brent benchmark differential to the lowest in nearly two and a half years on Wednesday, S&P Global Platts data showed.

Dated Brent is a benchmark assessment of the price of physical, light North Sea crude oil. Dated Brent—the physical cargoes of crude oil loading in the North Sea on any given day, and with specific delivery dates—is the core component of the Brent complex. The Brent crude complex is linked to physical cash BFOE (Brent Ninian Blend -Forties-Oseberg-Ekofisk), as well as financially settled derivatives.

On Wednesday, Platts assessed the Dated Brent differential at -$1.025 a barrel, compared to -$0.825 per barrel on Tuesday. Wednesday’s assessment showed the widest discount since November 2015, when Dated Brent briefly fell below -$1.20 a barrel, according to S&P Global Platts data.

Earlier this week the prices for physical North Sea crude oil barrels were hovering around the lowest level since June last year, on the back of high maintenance rates across European refineries.

Trading sources concur that April buying of North Sea Brent is not enthusiastic, but they expect demand for North Sea crude oil to soon start growing again going into May, with both Asian and European demand expected to increase.

European refiners will be soon returning from maintenance, while Asian refiners are said to be willing to buy more crude oil from the North Sea.

But in April, the physical demand for North Sea crude is not bright, according to traders who spoke to Platts.

“I think there is a bit of a lack of eastern demand at the prompt, and refiners are covered -- people just don’t seem to have interest,” one trader said.

“People are probably covered forward though the Dated curve suggests a recovery comes soon,” another trader told Platts.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News