May 17, 2024 12:08 GMT
Russian ESPO Discounts for Chinese Buyers Widens
OIL
Russia’s ESPO blend fell to wider discounts against Brent in Chinese ports for May and June cargoes according to Reuters sources on weaker refining margins at teapots and higher availability.
- Some ESPO Blend oil cargoes loaded in the end of May and early in June were still on offer they said.
- ESPO Blend oil cargoes loading in May and June were offered at ICE Brent minus $1-1.50/bbl, down from an estimate of Brent flat to $0.50/bbl discount a month earlier.
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