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Johan Sverdrup Prices Rise to Highest in Two Months

OIL

Johan Sverdrup crude prices have jumped in recent trading as Red Sea supply disruption drives refiners to seek alternatives according to Bloomberg sources.

  • The market is overall not tight due to ample supplies from Guyana, Brazil and Mexico but demand for prompt delivery is fairly strong.
  • Johan Sverdrup traded at the highest in more than two months at a premium of $2.80/bbl to Dated Brent on Dec 4 compared with a discount of about $2/bbl a month ago.
  • BP raised its bid for an end-January cargo to +$2/bbl from +0.4$/bbl on Dec 2.
  • A decline in the Johan Sverdrup February loadings to 686kb/d has also supported prices.
Energy BulletsCommodities
Energy BulletsCommodities

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