The market volatility comes after the Brent physical differential reached an all-time high of $19.105 per barrel on Oct 6, with Dated Brent assessed at $125.53. Analysts attribute this "scarcity pricing" to high shipping costs and doubts over the durability of crude flows through the Strait of Hormuz. This divergence is stark compared to West African grades, where ExxonMobil recently bought Angola's Hungo at a $19.60 discount to Dated Brent, the lowest since 2011.
Tuesday, October 20, 2026
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Vitol Halts North Sea Bids Following Record 3 Day Run
Commodities13 days ago
ExxonMobil offered a Dated premium of $19 per barrel for Forties oil in the Platts window on Oct 7. This activity followed a decision by Vitol to stop bidding on North Sea grades, ending a three session run of record-setting price increases. BP also lowered its offer for Johan Sverdrup crude to $5.50 per barrel on the same day, down from $7.70 on Tuesday and $23.30 on Sept 28.
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