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North Sea Oil Arbitrage to Asia Opens

OIL

Oil traders expect to export at least 8m bbl of North Sea crude loadings for December to Asia due to an open arbitrage window, according to Bloomberg.

  • This compares with just 2m bbl which went to Asia in Nov and 4.2m bbl in Oct. Should all 8m bbl move East, it would be the largest monthly flow since Feb. 2022.
  • The volumes are likely to be comprised of 4m bbl of North Sea forties and 4m bbl of Johan Sverdrup.
  • The arb has opened amid a sharp drop in Johan Sverdrup prices last month due to weak local demand and pressure from WTI flows.
  • Johan Sverdrup was sold at a $2.40/b discount to Dated Brent in the Platts MOC Nov. 27, compared to a $1.50/b premium in early Nov.
  • Unipec bought one VLCC of Johan Sverdrup for Dec loading, and another VLCC will also go to East Asia, traders told Bloomberg.
Energy BulletsCommodities
Energy BulletsCommodities

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