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OIL
Norway’s Johan Sverdrup crude may be losing its position as the replacement crude of choice for lost Urals barrels, according to Platts.
- The grade is more sour and heavier than other North Sea grades, making it better for diesel production following bans on Russian seaborne imports.
- However, Sverdrup, which was pricing at a premium of up to $5/b against Dated Brent, has fallen to its first discount since April, assessed at a $2.11/b discount for FOB Nov. 10.
- The fall may also be an adjustment to a market which is now structurally tighter in sour crude, with expectations of more diesel being imported as a finished product.
- There are also questions for long term supply of the crude grade, with Equinor expecting production to plateau as soon as 2024 before a slow decline.
Source: S&P Global Commodity Insights
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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