Atlantic Oil Is More Appealing to Asian Buyers as Spread Narrows
An oil platform off the coast of Brazil in the Atlantic Ocean.
Photographer: Rich Press/BloombergCrude from the Atlantic basin has become more attractive to Asian buyers after a closely-watched spread narrowed sharply, opening up an opportunity for bigger flows east.
The premium of Brent futures to Dubai crude swaps, also known as Brent-Dubai exchange of futures for swaps, or EFS, dropped to almost zero on Wednesday. That’s down from a peak of about $4 a barrel in June, according to PVM Oil Associates data.