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US Crude May Tick up Again on Cheaper Prices: Sparta

OIL

WTI crude remains favourable compared to its competitors from the North Sea or WAF, according to Sparta Commodities.

  • The US grade is more competitive both for shipments to Europe and to Asia.
  • “At current prices we would expect to see exports to tick up again in the short term and help to underline strength in the US crude market for the time being,” Sparta’s Philip Jones-Lux said.
  • Delivered WTI to Europe for Oct. 11-15 arrival is around Dated Brent plus $4.10/b, compared to $5/b for Forties and $8.90/b for Bonny Light.
  • Continued outages from Libya have been supportive to the market, but upcoming maintenance season may see some further softening, Sparta said.
  • The additional buying of North Sea crudes from the Med is unlikely to be maintained amid cheaper WAF and WTI barrels.
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