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OIL
European crude flows to Asia as a falling Brent premium to Dubai makes the European benchmark more attractive than some Middle Eastern grades for Asian refiners according to S&P Global sources.
- The Brent/Dubai EFS spread has this month narrowed to the lowest since Jan 2021 due to OPEC+ voluntary production cuts and higher availability from the US pushing down the Northwest Europe market.
- The Platts EFS key indicator of ICE Brent's premium to benchmark cash Dubai narrowed to 96 cents/b for August on 16 June.
- Several VLCCs carrying North Sea and African crude cargoes are expected to reach Asia over the coming weeks with the low sulfur crude grades linked to Brent more attractive than some Middle Eastern grades for Asian refiners.
Source: S&P Global
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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