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North Sea Benchmark Crude Prices Slump as Exports Set to Swell

  • Forties crude flips to discount for first time since mid-June
  • North Sea crude loadings to surge to four-year high in October
Bloomberg business news
Goldman’s Currie Says Jury Is Still Out on New Oil Equilibrium

North Sea benchmark crude prices dropped sharply in recent days following a big increase in loadings planned for October. 

The differential for Forties, the grade which is usually used to set the global benchmark Dated Brent, dropped to a discount of six cents a barrel to that marker on Tuesday, according to assessments by S&P Global Platts. That was the first time the grade had flipped to a discount since mid-June. Just a week ago, it was still at a premium of about 80 cents.