Norway’s Johan Sverdrup rises over $7/b to an all-time high of $19.55/b
Norway’s Johan Sverdrup surged to its highest value on record in the Sept. 15 session, as disruptions to competing inflows into Europe saw refiners pivoting to the medium sour crude as a comparable short-haul replacement. Platts, part of S&P Global Energy, assessed Johan Sverdrup at a $19.55/barrel premium over Dated Brent Sept. 15, rising $7.265/b ...
On September 15, Norway's Johan Sverdrup crude oil surged to an all-time high, reaching a premium of $19.55 per barrel over Dated Brent. This marked the largest single-day jump in the grade's history, surpassing the previous record of $16.745 per barrel set on April 14. The surge was driven by disruptions in competing inflows into Europe, with refiners pivoting towards Johan Sverdrup as a short-haul replacement for medium sour crude.
Tightening sour crude balances across Europe and shipping risks in the Strait of Hormuz contributed to the increased demand for Johan Sverdrup. Traders also noted delays in loading Middle East cargoes allocated to Europe from late August. The temporary closure of the East-West Pipeline in Saudi Arabia on September 11 further triggered a buying frenzy in the spot North Sea crude markets.
Equinor was among the refiners bidding for Johan Sverdrup cargoes, with bids seen in every MOC session from September 7 to September 15. The bullish momentum was expected to persist in European sour crudes due to the absence of viable alternatives to replace long-haul barrels in the short term.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
