Amid the depths of refinery maintenance, the month of March gave North Sea traders quite the shock with weakness concentrated in the April-loading barrels, which may have left traders licking their wounds. A market oversaturated to the long side, along with weaker refinery margins driven by weaker gasoil and stronger crude, had weighted on Dated sentiment. But we are now in a new month, and a fresh loading cycle awaits. Last week, physical differentials settled to lows of -44c/bbl, the lowest level since January 2023. But as the old adage goes, ‘this too shall pass’. Dated Brent is an ephemeral market, and now the market looks to have reset, with May-loading barrels at the starting line of pricing.
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