Caspian light sweet BTC Blend is trading at record highs relative to benchmark North Sea Dated crude, supported by strong refning margins in the Mediterranean region and reduced export schedules. BTC Blend hit a $5.95/bl premium on 11 November, having risen above $5/bl in mid-October as freight rates jumped to multi-year highs. Values had then slipped briefy, until trading frm Petraco placed an unsuccessful bid for November-load- ing crude, which re-established the grade’s premium above $5/bl.
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