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Crude: Trade Feels Limited Urge to Replace Russian Oil

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Oil price differentials rarely stuck within established ranges ahead of the EU ban on Russian crude imports that takes effect Dec. 5. That sanction is expected to take as much as 600,000 barrels per day of medium, sour Urals out of the picture. Some traders say the market is eerily calm after earlier adjustments and might jump at any moment once the impact of the ban becomes clear. Others say the crude market will be just fine, with Russia stepping up its Urals sales to Asian customers in India and China and non-EU Turkey at steeper discounts. This crude is expected to sail on non-Western vessels, many from China.

Topics:
Sanctions, Oil Prices, Crude Oil
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Current price spreads indicate that the supply tightness that has defined oil markets in recent months has diminished.
Tue, Nov 29, 2022