Top Quality Oil Sold Near $100 a Barrel on New Ship Rules
- Australia’s Pyrenees sold at about $31/bbl over Dated Brent
- Grade’s popularity lifted by new ship rules known as IMO 2020
Photographer: Tim Rue/Bloomberg
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Just shy of $100 a barrel -- that’s the cost of a type of crude that’s become prized thanks to the scramble for cleaner-burning fuels.
Australia’s Santos Ltd. this week sold a cargo of March-loading Pyrenees, a dense and low-sulfur oil, at a premium of about $31 a barrel over Dated Brent, according to traders who took part in the tender. That’s the equivalent to just under $100 a barrel given that the global benchmark is trading at about $65.