Saudi Arabia's Arab Light Trades at Record Premium to Brent
Physical crude prices in Europe are trading well above benchmark futures, highlighting a sharp gap between prompt barrels and the Brent contract. Saudi Arabia's Arab Light crude is being sold to European customers at a record premium of $28 a barrel above Brent.
North Sea transactions on April 22 implied an outright price of about $122.50 a barrel, versus June Brent futures near $101.75 and Dated Brent around $112. The physical cargoes were sold about $10.50 a barrel above Dated Brent.
From the sources (5 posts)
@globalmktobserv‼️The physical oil market is telling a very DIFFERENT STORY from the futures market: Saudi Arabia's Arab Light crude is now selling to European customers at a record premium of +$28 per barrel above the Brent crude contract.👇
@tomklozaTransactions for North Sea oil done today imply outright price of about $122.50/barrel. June Brent is ~$101.75/barrel; Dated Brent ~$112/barrel and the physical sold for $10.50/barrel above Dated Brent.
@staunovoRT @TomKloza: Transactions for North Sea oil done today imply outright price of about $122.50/barrel. June Brent is ~$101.75/barrel; Dated…
@staunovoRT @AdiSurreyEnergy: $111.775 Dated Brent (GX)
@staunovoBrent settled at USD 101.91/bbl #OOTT