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Supply disruptions out of Kazakhstan, the North Sea and Libya and dislocations to typical trade flows as the market adapts to the Russia situation have driven the European crude market structure into an extreme backwardation, with buyers being forced to pay hefty premiums for prompt cargoes. The extreme backwardation where prompt cargoes trade higher . ....
Europe’s efforts to kick out Russian oil supplies are generating a historic reshaping of global energy trade flows. Middle Eastern crudes could increasingl. ....
Asian demand for July-loading Middle East medium sour grades has strengthened as healthy refinery margins for middle distillates, improved Chinese appetite and a closed arbitrage window allayed concerns that cheap Russian barrels could curtail buying, market sources told S&P Global Commodity Insights. Medium sour crudes such as Oman Blend, Al-Shaheen and Upper Zakum were attracting . ....
India’s state-owned Oil and Natural Gas Corporation failed to attract buyers in its tender to sell a May-loading Russian Sokol crude cargo amid increasing signs that financial sanctions, logistical issues and reputational risks are turning companies cautious about trading Russian oil. ONGC had offered 700,000 barrels of Sokol crude for loading over May 2-8 via . ....
Premiums of Far East Russian ESPO Blend crude oil surged in January, beating traders’ estimates, aided by robust buying interest and tight supplies, sources told S&P Global Platts Jan. 27. March-loading barrels of ESPO Blend crude were heard to have been sold via several tenders at premiums of around $4.65/b-$5.10/b to Platts front-month Dubai crude . ....