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North Sea and WAF Crude Arbitrage to Asia is Weak: Sparta

OIL

North Sea and WAF arbitrage opportunities to Asia are very poor due to higher oil prices, a narrowed WT-Brent spread, and a widening Brent-Dubai EFS, Sparta Commodities said.

  • Some complex margins for WAF in the Far East are negative on an outright basis, partly due to weak gasoil markets, Sparta said.
  • Consequently, these barrels are now pointing to alternate destinations like the USGC and US Atlantic Coast.
  • Despite expectations of a ramp-up in Nigeria’s Dangote refinery, WAF crude cargoes appear ample in May while April has been struggling to clear.
  • Differentials may need to ease further, putting pressure on NWE, before refinery demand gets stronger after peak maintenance season.
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