North Sea Trade Firms Up After Opec Cut

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  • Brent, Forties, Oseberg, Ekofisk and Troll (BFOET) crudes will load 696,000 b/d in May — up 5.45% on the month, the bulk in the second half to align with the end of refinery turnarounds.
  • Some physical differentials that previously showed a discount have flipped again to a premium, decisively lifting the dated Brent spot price above future prices.
  • From April onward, forward Brent contracts will offer the option to physically deliver WTI Midland crude into the revamped Brent contract.

The North Sea physical market is crawling toward higher premiums by the approaching driving season and an obviously tighter market following Opec supply cuts.

Oil Supply, Oil Spot Markets, Crude Oil
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