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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
Russia's Urals crude from Primorsk was estimated at 44.12$/bbl on 21 Feb and a discount of 38.05$/bbl to Dated Brent according to S&P Global. They expect the Russian crude discount to continue as trade restrictions and price caps hit the sector.
- Russia crude flows have diverted to Asian markets but infrastructure capacity limits its ability to increase volumes delivered to the East.
- Last week Russia announced a change to the way it assesses the price of its Urals formulas for tax purposes to bring the discount to 25$/bbl from July. This increasing tax burden on Russian oil producers could result in underinvestment and production declines in the longer term according to S&P Global.
- Some analysts see actual prices for Russian oil as significantly higher. The average export price for Russian crude was 74$/bbl compared to Urals at 52$/bbl according to Columbia Business School based on customs 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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