North Sea oil trades below Dated Brent for first time since war began, Javier Blas notes

North Sea oil trades below Dated Brent for first time since war began, Javier Blas notes
North Sea oil trades below Brent

Javier Blas reports that the North Sea physical oil market has witnessed its first trade at a discount to the Dated Brent benchmark since the war began.

He highlights the unusual coexistence of both abundance in the next few days and scarcity in the following weeks within the oil market.

Earlier this month, Javier Blas reported that Brent oil’s front-month contract traded in a wide $13 range without any significant news driving the move. Blas also noted that DiamondBack Energy plans to boost U.S. shale output in response to oil prices above $80 per barrel earlier this year. These developments add to the context of recent volatility and shifting supply signals in oil markets.

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