In our latest crude market commentary:
> Softer WTI premia helping to keep waterborne barrels attractive to arb out of the region
> Johan Sverdrup is the exception to the rule for North Sea grades, with weaker FOB premia also making it an attractive export grade
> WAF grades are pricing themselves out of contention following a run-up through July and we would expect these grades to see a correction
> With MED refiners struggling for utilisation thanks to heat-related disruptions, their staple Iraqi and Black Sea grades look attractive to buyers across both Asia and NWE
