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Johan Sverdrup Prices Surge on Shipping Risks

OIL

Prices for Norway's Johan Sverdrup crude surged on Tuesday, likely linked to security concerns in shipping in the Red Sea, traders told Reuters.

  • Three mid-January cargoes of Johan Sverdrup traded in the S&P Global Commodity Insights trading window on Tuesday at an average differential to the dated Brent crude benchmark of -$1.35/bbl, with TotalEnergies picking up one cargo and BP two.
  • In contrast, Johan Sverdrup was last offered in the window a week ago at dated Brent -$2.15/bbl discount to dated Brent, but no buyers were found at that level.
  • The rise in Johan Sverdrup could be partially linked to worries around delays to Middle East crudes arriving in Europe, four crude trading told Reuters.
  • "You need a local alternative to bridge the two-to-three week gap," if diversions occur, a trader said.
Energy BulletsCommodities
Energy BulletsCommodities

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