Global Prices Turn Topsy-Turvy as Scorned Crudes Become Dear
- Dubai oil at premium to Brent, flipping from discount in 2018
- Dirty heavy crudes jump versus cleaner oils on supply squeeze
This article is for subscribers only.
Some of the world’s dirtiest and densest crudes traditionally spurned for being too difficult to process are having a moment in the sun, with a little help from Donald Trump.
“Heavy-sour” oil from nations such as Venezuela and Iraq have a higher sulfur content and are more viscous than “light-sweet” grades pumped in U.S. shale fields and Europe’s North Sea. While the dirtier crudes could usually be bought for a steep discount versus the easier-to-refine types, they have strengthened dramatically over the past few weeks. At least two varieties have flipped to a premium.