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Russian Urals Trading Over G7 Price Cap Wednesday

OIL

Russian Urals oil prices rose above the G78 $60/bbl price cap on Wednesday as discounts for the grade narrowed in Indian ports for August barrels amid shorter supply according to Reuters sources. Vessel tracking data has shown Russian crude exports slipping July.

  • Discounts for Urals oil to dated Brent narrowed to $5/bbl for delivery on Indian ports, compared to last week’s estimates of $7-8/bbl for end-July cargoes loading.
  • Deals are normally concluded over monthly or several day averages meaning sanctions are unlikely to be in place yet for $60/bbl breaches.
  • Tanker tracking shows Indian appetite for Russian barrels has slowed as the discount narrows.
  • Some sellers were offering Urals cargoes to India loading in August at a discount of $3-4 per barrel on DES basis, but found no buyers according to Reuters sources citing the risk was not worth taking and that Russian cargoes are often delayed.
Energy BulletsCommodities
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