Arbs East creaking open, WTI Afras price out of NWE
Commentary summary:
– WTI (Afras) pricing out of Europe amid tight US stocks and ample supply in NWE.
– North Sea and Black Sea corrected substantially w-o-w. Some arbs to Asia look better as a result of this and the weak EFS.
– Sverdrup and Americas medium and heavy crudes show signs of strengthening.
WTI/Brent did indeed narrow – and rather substantially – last week with US stocks tight, particularly at Cushing.
Cushing stocks are now close enough to commercial minimums to become a pricing-centre issue for Nymex spreads and US light crude could do with a few weeks of pricing out the global market marginally. US imports also need to rise
Sparta Market Outlook - Free Trial
Sparta’s Market Commentary is exclusively available within the Sparta Market Outlook app. To access a 21 day free trial of Sparta Market Outlook, please click the link below.
Market commentaries will be moving permanently into the Sparta Platform, alongside several new and exciting knowledge and insight features.
Book a demo to see how Sparta enables you to trade with conviction
