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OIL
Four-week Russia crude exports rose by 200kb/d last week to the highest level in almost four months at 3.48mb/d according to Bloomberg. A surge in ESPO flows from Kozmino offset a temporary halt in shipments of Russia’s Sokol crude from Sakhalin Island.
- The jump was aided by low exports in late January which still weighed on the four week average in the data the previous week.
- The four-week average exceeded Russia’s pledged export target by an estimated 190kb/d.
- Shipments in the seven days to Feb. 22 rose by about 365kb/d to 3.5 million.
- The temporary halt to Sokol cargoes was driven by a lack of shuttle tankers amid issues with deliveries to Indian refiners due to costs and concern for US sanctions.
- About 1.45mb/d of crude was loaded onto tankers heading to China while flows signalling India averaged about 905kb/d.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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