North Sea grades firmed ahead of the closure of the Buzzard field and on higher demand. Crude came out of floating storage and Forties rose to a 27￠/bl premium to North Sea Dated, from a 15￠/bl discount a week earlier, on firm demand for cross-month loading cargoes. Brent crude rose by 43￠/bl against the benchmark, pushing it up to a premium to North Sea Dated. Arbitrage opportunities tightened supply, with a 1mn bl tanker making a rare voyage from Mongstad to South Africa. Mid-September supplies of light sweet Algerian Saharan Blend cleared, but end-September cargoes remained available. September cargoes were assessed at a 20￠/bl discount to North Sea Dated, but October cargoes were sold at a small premium to the benchmark. Light Caspian CPC Blend discounts to North Sea Dated widened by 10￠/bl to $1.25/bl, amid a looming overhang of September supply.
展开▼
