Markets

The ICE Brent crude futures price closed above $71/bbl on each day of the week to June 11, while NYMEX WTI peeked above the $70/bbl mark on Tuesday, slipped back on Wednesday, but then ended Thursday and Friday over the psychological barrier.

From Dec. 31 to March 31, futures closing prices for US benchmark NYMEX WTI gained 21.9%, European benchmark ICE Brent jumped by 22.7%, and Middle Eastern benchmark DME Oman surged by 23.7%.

The cracking margin on Bakken in the Midcontinent posted the sharpest increase from Dec. to Jan. among the grades and blends covered in the charts below, having gained $2.31/bbl, but the coking margin on a 70/30 blend of Bakken and WCS retained the top spot at $10.30/bbl.

The cracking margin on Bakken in the Midcontinent posted the sharpest increase from Dec. to Jan. among the grades and blends covered in the charts below, having gained $2.31/bbl, but the coking margin on a 70/30 blend of Bakken and WCS retained the top spot at $10.30/bbl.

From early Oct. to early Nov., futures closing prices for European benchmark ICE Brent and US benchmark NYMEX WTI declined by nearly 5% and Middle Eastern benchmark DME Oman lost just over 11%.

Saudi Arabia increased the Official Selling Price (OSP) for its heavy grade by 20¢/bbl for buyers in the Far East to 30¢/bbl above the Middle-Eastern benchmark on Jan. 6.

Cracking margins at the US Gulf Coast (USGC) for the grades and blends covered in the chart below strengthened by 47-74¢/bbl from June to July.

Saudi Arabia left the Official Selling Price (OSPs) for its heavy grade unchanged for buyers in the Far East at 30¢/bbl below the Middle-Eastern benchmark, while Iraq raised its differential by 10¢/bbl to a 95¢/bbl discount, and Iran lowered its differential by 5¢/bbl to a 55¢/bbl discount.

After plunging by around 60-66% over 1Q and soaring by 59-92% over 2Q, futures prices for US, European, and Middle Eastern crude benchmarks only shifted by 1-7% over 3Q.

Cracking margins at the US Gulf Coast (USGC) for Mars and the Argus Sour Crude Index (ASCI) as well as the coking margin for the ASCI fell to two-month lows in April.