Crude: Plenty of Spot Crude Even With Russia Cutting Output

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
Lillian Tveit/Shutterstock

A brighter Chinese demand outlook and solid diesel crack spreads underscore firmer spot offer levels in the physical crude market. But Brent is now trading April barrels, which is peak maintenance period for most refineries and usually the harbinger of lower spot requirements. The North Sea and Mediterranean are well supplied and have seen a surge of US WTI crude exports to Europe, as well as an uptick of West African cargoes. The market shrugging off a 500,000 barrel per day oil production cut by Russia from March shows that, for now, there is no shortage in prompt supply.

Crude Oil, Oil Spot Markets, Oil Supply
Wanda Ad #2 (article footer)
Net exports of crude and refined products from the US plunged in January, but still averaged almost 1 million barrels per day.
Fri, Mar 31, 2023
Competitively priced Espo cargoes are a hot commodity among Chinese and Indian buyers.
Fri, Mar 31, 2023