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OIL
The Brent crude premium to Dubai has surged higher again this week to extend the gains seen since late August amid tightening supplies in the Atlantic Basin markets as refiners push to produce more diesel and with rising US and European prices.
- The Brent-Dubai EFS spread between Brent crude and the Middle East’s Dubai marker has traded at a premium of more than 4$/bbl compared to around 0.5$/bbl at the start of September according to Bloomberg.
- The move is a significant reversal from last month when the spread reached a discount of -0.22$/bbl on 24 August.
- Saudi Arabia led output cuts had boosted the price of Dubai relative to Brent this year resulting in the declining spread for around 10 months to August.
- The climb in prices of US crude is set to reduce its attractiveness in Asian markets, while flows of Middle Eastern crude to Europe and the US are expected to increase according to traders.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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