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The Dated Brent oil benchmark fell by about $10 a barrel in a single day, accompanied by one of the largest one-day drops ever recorded in North Sea physical oil price premiums. Javier Blas, energy and commodities columnist, highlighted both developments, adding that the drop in North Sea physical premia may be the largest ever.
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Blas previously reported that global crude oil shipments are approaching record levels, with recent Vortexa data showing no Iranian barrels included. He also covered the news that Gunvor will rebrand as Centalion and move its headquarters from Cyprus to Singapore. These developments follow heightened activity in both physical oil markets and trading firms.