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OIL
Russian Urals crude has been transferred onto a VLCC in the Med via STS for the first time in 6 months, according to Vortexa.
- The VLCC Ligera loaded Urals from Kalamata from the Aframax Nautilius. The latter had originally loaded in Ust-Luga.
- This activity had largely dried up as Russian volumes headed to China and India on Aframax and Suezmax tankers, Vortexa said.
- It remains an unusual decision and does not fit with any wider rerouting of Russian oil, Vortexa said. While Red Sea transit risk could be a factor, Russian cargoes have largely transited unaffected.
- Further STS activity of Urals could be imminent given another VLCC previously involved in Iranian crude trade is now ballasting to the Med from Suez.
Source: Vortexa
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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