As of today's snapshot, Brent sits at $109.93/bbl and WTI at $101.85/bbl, leaving an $8.08 spread between the two benchmarks. The gap has narrowed by roughly $4 versus a week ago, with WTI tracking higher more tightly — a sign that Cushing drawdowns and refinery turnarounds are carrying more weight in the pricing.

For SNSUC's seven re-export grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula — delivered cost is not read off the flat price. It is built from the spot spread and freight on the bill-of-lading date. At $8.08, West African and Brazilian cargoes priced off Brent (Bonny Light, Lula) hold more room against US buyers benchmarked to WTI; Mideast grades tied to Dubai/Oman move with Brent directly, so the spread itself does not widen the discount.

In execution, the re-export quote formula presses Brent x FX x 7.33 x grade factor. A narrower spread compresses the appeal of Brent-discount vessels to Asian refiners — buyers will prefer the Dubai monthly OSPC over a spot Brent premium. Today's $8.08 reads as a closing arbitrage window, not an opening one.