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Johan Sverdrup Prices Gaining on Heavy Tightness

OIL

The differential for North Sea Johan Sverdrup has risen by over $2/bbl over the past two weeks due to heavy grade strength in other regions according to Bloomberg sources.

  • BP sought to buy the grade at a premium of 55c/bbl to Dated Brent on Monday in Platts window; that compares with its bid at -$1.60 on April 2.
  • OPEC+ cuts, Mexican supply cuts and the likelihood of less Venezuelan barrels are driving heavy grades in the Atlantic.
  • Iraq’s Basrah Medium and Basrah Heavy grades are getting more expensive in the Mediterranean with increased demand.

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