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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
China’s Unipec purchased 6mn barrels of North Sea Johan Sverdrup as recent weakness in the grade opened up a rare arbitrage window to Asia, traders told Bloomberg.
- The refining giant bought enough of the oil to fill three VLCCs, according to traders in the market. The shipments are due to arrive in China in May.
- Johan Sverdrup crude is now traded at a $3/bbl discount than Dated Brent. This is around $4-6/bbl cheaper than other North Sea crudes such as Forties and Ekofisk, traders said.
- The grade was at parity to Brent one month ago and traded at a premium of $4/bbl to Brent in October.
- Johan Sverdrup April exports are planned at 793kbpd in April, the highest volume since the field started production in late 2019.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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