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OIL: Russian Urals Price Rises Back Above $65/bbl

OIL
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The Russian Urals crude price at Baltic and Black Sea ports has risen back above $65/bbl according to Reuters calculations, as oil markets rally amid escalating Middle East risks.

  • The price rise has been limited slightly by a wider discount at Indian ports and rising freight rates.
  • Discounts for Urals oil loading in October were at $3.50-3.80/bbl compared to $3.30 for September cargoes, Reuters sources said.
  • Freight rates have risen amid higher loadings from Russian ports and limited availability of vessels. The cost of a one-way voyage from Russian Baltic ports to India rose to $5.5m from below $4.8m in September.
  • The Urals price briefly dropped below the G7 price cap of $60/bbl in September when markets were focused on oversupply concerns for next year and before the latest escalation in Middle East conflict.
  • The Price cap restricts the use of Western services such as shipping and insurance if Russian crude trades below $60/bbl.
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The Russian Urals crude price at Baltic and Black Sea ports has risen back above $65/bbl according to Reuters calculations, as oil markets rally amid escalating Middle East risks.

  • The price rise has been limited slightly by a wider discount at Indian ports and rising freight rates.
  • Discounts for Urals oil loading in October were at $3.50-3.80/bbl compared to $3.30 for September cargoes, Reuters sources said.
  • Freight rates have risen amid higher loadings from Russian ports and limited availability of vessels. The cost of a one-way voyage from Russian Baltic ports to India rose to $5.5m from below $4.8m in September.
  • The Urals price briefly dropped below the G7 price cap of $60/bbl in September when markets were focused on oversupply concerns for next year and before the latest escalation in Middle East conflict.
  • The Price cap restricts the use of Western services such as shipping and insurance if Russian crude trades below $60/bbl.