Early today the Brent–WTI spread printed at $10.59/bbl, well off the $12-plus readings seen in late October but still above the $10 threshold that matters for re-export desks. SNSUC re-export book covers seven grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula — and this spread is not a chart ornament. STS lighterage and ocean freight are quoted against Brent, while USD-origin hedges sit on WTI.

A wider gap makes it cheaper to cover a Brent-denominated cargo value with the WTI leg, opening a few cents of arbitrage on trans-Atlantic parcels like Lula and Basrah Light. This morning Brent is $113.498 and WTI $102.908; both moved up but WTI rose less, leaving the spread sticky at $10.59.

The operational read is plain: for cargoes loading at Sohar or Fujairah anchorage, lock the STS structure first and pin the discharge port to the lighterage point — never amend after the letter of credit is opened. Where WTI exposure exists, top it up before the spread narrows further.