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Middle East Crude Watch-Brent/Dubai EFS soars

December EFS also rose to around $2.74 a barrel, they added.

October 14, 2010 12:06 by



Front-month Brent/Dubai Exchange of Futures for Swaps (EFS) for November on Thursday jumped to the highest since Nov 2008, largely driven by a much stronger Brent although Middle East crudes have also recovered in recent weeks.

The spread between the price markers for Atlantic Basin and Middle Eastern crudes for November surged to $2.95 a barrel, before the November Brent contract expires later in the day, traders said.

December EFS also rose to around $2.74 a barrel, they added.

The EFS had soared to as high as above $3.00 a barrel in late 2008 just before OPEC producers began record supply curbs.

(Reporting by Judy Hua and Florence Tan; Editing by Ramthan Hussain)



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