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WTI-Brent Spread Needs to Widen to Stem NWE Cargo Flows: Sparta

OIL

Deferred WTI/Brent spreads are too wide and must narrow from here, Sparta Commodities said, cited by Bloomberg.

  • WTI landing in NWE for late September has cooled off from lower Aframax freight rates and a re-widening of the WTI-Brent spreads last week, supplies for mid-Oct are at a clear discount, parta Commodities analyst Neil Crosby said.
  • “If WTI export avails do not in fact weaken, there also seems to be a rising risk of more US crude being dumped into Europe as the market of last resort, with signals suggesting the Asian market continues to soften,” Crosby said.
  • In the Middle East, Murban spot premiums continue to weaken, entrenching it as the light benchmark of choice for Asia and beating WTI.
  • Murban’s direction also suggests a softening demand appetite from Asia as the continent heads into turnaround season.
  • WTI-Brent up 0.02$/bbl at -4.22$/bbl
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