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Buoyant North Sea Trade Looks to Sluggish Maintenance Season

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  • March loadings of Brent, Forties, Oseberg, Ekofisk and Troll crudes that underpin the dated Brent benchmark are down 3.75% year on year at 565,000 barrels per day.
  • Regional differentials keep getting positive exposure from a relatively expensive Middle East spot market in Dubai, helping some North Sea grades to arbitrage out to Asia.
  • But the planned seasonal refinery turnarounds are poised to put light, sweet crude prices under more pressure.

North Sea crude has been among the beneficiaries of the late rush to secure non-sanctioned volumes of prompt-loading barrels after the latest packages of US sanctions against Russia.

Topics:
Oil Spot Markets, Oil Prices, Oil Supply, Crude Oil
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