Dated Brent diff at lowest since at least May 2013 amid muted global demand

The Dated Brent differential has fallen to its lowest level since at least May 2013 as global demand continued to contract amid the coronavirus pandemic and subsequent run cuts from refineries.

The Dated Brent differential is calculated by S&P Global Platts by taking the average of the cheapest grade differential over each individual assessment day. It is then added to the North Sea strip to make up the flat price Dated Brent assessment.
Platts assessed the Dated Brent differential at minus $1.355/b Thursday, down 41 cents/b day on day.

The oversupply of crude globally — combined with rising freight rates – was continuing to put pressure on prompt crude differentials, traders said.

“There is way too much prompt oil around,” one trader said.

Oseberg set the Dated Brent differential on Thursday.

The Oseberg differential to Dated Brent was assessed by Platts at 2.5 cents/b Thursday, down 43.5 cents/b day on day.

It was the lowest Oseberg differential since August 23, 2018, when the grade was assessed at a 2 cents/b premium to Dated Brent.

Equinor offered Oseberg parcel 0401 loading April 7-9 in the Platts Market on Close assessment process Thursday. Vitol bought the cargo from Equinor at a discount to Dated Brent of 5 cents/b.
Source: Platts