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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.
OIL
The Russian Urals crude price was well below the western oil price cap of 60$/bbl and less than half the Brent price last week.
- Russian Urals crude was at 37.80$/bbl at the Baltic port of Primorsk on Friday according to Argus Media compared to the Brent close on the day of 78.57$/bbl.
- The EU ban on seaborne Russian crude which started from 5 Dec has made Russia increasingly reliant on competing against the Middle East for crude export to countries such as China and India. Supplying crude to Asia instead of Europe has required further shipping distances putting upside pressure on freight costs.
- Russia’s ESPO crude continues to trade slightly above the cap according to Argus data.
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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