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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.
OIL
Russian crude exports fell 10% to a six-month low in May, according to Platts.
- Crude shipments from Russian ports averaged 3.52m b/d in May, down 390k b/d on the month.
- Flows have fallen after imports into India, its biggest customer, contracted by around 0.7m b/d to a three-month low of 1.61mb/d.
- Some Russian crude was also redirected to domestic refineries, whose runs have ramped up after repairs following Ukrainian drone strikes. Around 455k b/d of Russia’s crude unit capacity remains offline, Platts sad.
- The Urals discount to Dated Brent for delivery into India shrank to a low of $3.25/b in the third week of May, Platts said. By comparison, the discount was $19/b when Platts began the assessment in January 2022.
- Product flows from Russia rose slightly in May, helped by a rebound in gasoline shipments.
- Exports of refined products averaged 2.13m b/d, up 3% on the month.
Source: S&P Global Commodity Insights
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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