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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
Russia’s Urals crude oil, which accounts for about 60% of Russia’s seaborne cargoes, rallied to just above $50 yesterday but remains well below the proposed price cap level of 60$/bbl.
- Urals from the Baltic Sea port of Primorsk climbed from 45$/bbl earlier this week to 50.6$/bbl, according to Argus data. Urals crude from Novorossiysk in the Black Sea was about 2$/bbl higher.
- EU members are closing in on a price cap of 60$/bbl on seaborne Russian crude, but Urals has been priced below that level for 10 days.
- A higher cap level will increase the chances of more Russian oil remaining on the market with less chance of a retaliation from Russia. Russia have repeated stated that they will not supply crude to any countries or companies who implement a fuel cap.
- ESPO crude from the Asian port of Kozmino is about 75$/bbl according to Argus.
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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