Aug. 31 (Bloomberg) -- The premium of North Sea Forties crude to Dated Brent rose to the highest level in more than three years amid delays to shipments of the blend, according to data compiled by Bloomberg.
Forties was today $1.46 a barrel more than Dated Brent, the benchmark for more than half of the world’s oil. That is the most since March 18, 2008 and compares with a premium of $1.05 yesterday, the data showed. The difference was at a discount of 16 cents a month ago.
There have been a series of deferrals in Forties shipments over the past two weeks. A cargo with parcel number F0915 was delayed by two days to Sept. 20 to Sept. 22, according to a revised loading program obtained by Bloomberg News.
Lot F0907 was pushed back by a further two days to Sept. 12 to Sept. 14 after yesterday’s deferral, while F0909 and F0912 were delayed by three days and four days respectively, the plan showed. Last week, three shipments F0901, F0902 and F0906 were postponed by two to five days.
Forties is one of four North Sea crude grades used to price Dated Brent. The other blends are Brent, Ekofisk and Oseberg.
The gains also boosted similar so-called sweet, or low-sulfur, grades in West African with Nigerian benchmark Qua Iboe crude commanding a premium of $4.16 a barrel to Dated Brent, the highest since July 9, 2008, Bloomberg data showed.
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