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OIL: New Sanctions to Pressure ESPO Prices: Platts

OIL
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Russia’s Far East ESPO grade is likely to face downward pressure following the expansion of US sanctions on the Kremlin’s energy industry, Platts said.

  • China is a key buyer of ESPO but is expected to cancel ESPO cargoes loading beyond Jan. 10, Singapore-based traders told Platts.
  • This has pushed Russian ESPO suppliers to even approach South Korean buyers for Jan-loading cargoes. This is despite the fact that South Korea completely stopped buying Russian crude in Q4 2022.
  • Yet, this move highlights the urgency with which Russia is looking to secure new outlets for its crudes.
  • Traders believe that the overhang could cause the ESPO price differential to trend lower in the near term, with Korean refiners unlikely to show any interest in Russian oil.
  • The second-month ESPO was assessed at Dubai minus $4/mt.

 

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Russia’s Far East ESPO grade is likely to face downward pressure following the expansion of US sanctions on the Kremlin’s energy industry, Platts said.

  • China is a key buyer of ESPO but is expected to cancel ESPO cargoes loading beyond Jan. 10, Singapore-based traders told Platts.
  • This has pushed Russian ESPO suppliers to even approach South Korean buyers for Jan-loading cargoes. This is despite the fact that South Korea completely stopped buying Russian crude in Q4 2022.
  • Yet, this move highlights the urgency with which Russia is looking to secure new outlets for its crudes.
  • Traders believe that the overhang could cause the ESPO price differential to trend lower in the near term, with Korean refiners unlikely to show any interest in Russian oil.
  • The second-month ESPO was assessed at Dubai minus $4/mt.

 

Keep reading...Show less