The price differential of North Sea Brent crude fell to its lowest in a decade on Tuesday, a further sign that a supply glut is weighing on the physical crude market. Royal Dutch Shell offered a Brent cargo loading on June 26-28 at dated Brent minus $1.40 a barrel, down 40 cents from Monday. That is the lowest Brent differential recorded in Reuters pricing data going back to 2005. A surplus of unsold North Sea cargoes, and of West African crude, has been putting physical differentials under pressure, even as the price of Brent crude futures has rallied to almost $64 a barrel from almost $45 in January. “The amount of crude oil afloat on the water off the coast of the UK is increasing and that is putting considerable pressure on the North Sea price structure,” said Olivier Jakob, oil analyst at Petromatrix. Analysts at Energy Aspects […]