Libya’s medium sweet Es-Sider crude oil has risen to an eight month high, as strong distillates cracks have supported values for the grade and Azerbaijan’s Azeri Light, sources said. Meanwhile, light sweet grades remained unattractive because of weak light ends crack, they said.

Es-Sider was assessed 10 cents/b higher on Tuesday at Dated Brent minus $1.15/b, S&P Global Platts data showed. The grade was assessed at the same level on March 27. The FOB ARA ULSD barge crack, which hit a six-year high of $24.46/b on November 14, was assessed at $20.62/b Tuesday.

With Azeri Light, basis CIF Augusta, at a premium of $3.10/b to the BTC Dated Strip, market participants were increasingly taking note of the widening spread to Es-Sider, despite the latter grade being sold on an FOB basis. The spread has $1.70/b since October 16 to $4.25/b.

Source: Hellenic Shipping News