US looks to North Sea

摘要

A supply overhang of Forties depressed its value relative to US Gulf crudes,such as Light Louisiana Sweet (LLS),opening up an arbitrage for the North Sea grade to move across the Atlantic (see upper graph).At least two 600,000 bl cargoes were booked to go to the US.A large draw on US gasoline stocks ahead of the peak summer driving season in weekly government data boosted prices,and opened up the arbitrage to ship gasoline from Europe.