By Alexander Kwiatkowski
Dec. 4 (Bloomberg) -- North Sea Oseberg crude fell to the lowest since April 2007 relative to Dated Brent as a slump in gasoline and naphtha prices cut refiners’ demand for oil. Ekofisk, Brent and Forties prices also fell.
A cargo of Oseberg loading in 10 to 21 days cost 75 cents more than Dated Brent, compared with 95 cents yesterday, according to data compiled by Bloomberg. That’s the smallest premium since April 12, 2007.
Light, sweet North Sea crude is typically valued by refiners for the amount of gasoline and naphtha it yields. Producers are scaling back output of those products after a drop in prices, reducing their crude consumption.
To contact the reporter on this story: Alexander Kwiatkowski in London at akwiatkowsk2@bloomberg.net.
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