A supertanker of North Sea crude recently sold in Asia at a price below the spot North Sea and Middle Eastern grades, indicating weaker-than-expected Asian demand for crude
A supertanker-load of one of the key North Sea crudes has recently sold in Asia at a very low price – below the spot North Sea price and below the price of a Middle Eastern grade – in a sign that Asia n demand for crude continues to be softer than anticipated. A cargo of 2 million barrels of Forties, one of the grades underpinning Dated Brent, was sold last week to South Korean refiner GS Caltex Corporation at a price that was $3.50-$4.
Trading giants Gunvor and Trafigura bought and bid for dozens of North Sea crude cargoes in June, driving up the Brent Crude benchmark to above $86 a barrel. The Brent Crude benchmark is underpinned by the value of North Sea crudes Brent, Troll, Ekofisk, Forties, and Oseberg, as well as the U.S. West Texas Intermediate Midland crude, which was added to the international benchmark in June 2023.
North Sea Oil Oil Demand Oil Supply Oil Exports Asia WTI
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