The differential of Norway's Johan Sverdrup medium sour crude reached a record high against benchmark Dated Brent Oct. 4, amid rising purchases of the grade in the Mediterranean to make up for a shortfall of Kurdish and Iraqi crude exports from the Turkish port of Ceyhan, market sources said this week.

Oct23: Platts, part of S&P Global Commodity Insights, last assessed Johan Sverdrup at a $3.94/b premium to Dated Brent Oct. 4, marking an all-time high for the grade, already in high demand in Northwest Europe.

Traders have attributed the higher interest for Johan Sverdrup to stronger demand from Asian buyers avoiding Mediterranean grades, and also European buyers no longer taking sour grades from the Middle East which transit through the Red Sea. “If you’re Asian, you have to buy Johan Sverdrup, WTI Midland, or Murban/Persian Gulf grades,” a third trader said. “Suddenly you can’t take CPC, [Azerbaijan’s] Azeri [Light], anything from the Med basically.”