SINGAPORE – Brent crude’s premium to Dubai jumped to $2.63 a barrel on Thursday, the highest since January 2020, Refinitiv data showed.
The premium, also known as the Exchange of Futures for Swaps (EFS), rose 68 cents from Wednesday’s close, the data showed.
A wider premium typically encourages refiners to purchase more crude priced off the Middle East benchmark instead of oil from the Atlantic Basin.
Brent rallied on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt U.S. crude output for days or even weeks prompted fresh buying.
(Reporting by Florence Tan; editing by Jason Neely) ((Florence.Tan@thomsonreuters.com; Reuters Messaging: firstname.lastname@example.org))