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Urals Crude Rebounds Above $60/bbl Price Cap

OIL

Russian Urals crude prices rebounded to above $60/bbl on Monday for the first time since November amid gains in Brent prices, while freight rates were relatively soft, traders said and Reuters calculations showed.

  • Urals oil cargoes loadings from Russia's Baltic and Black Sea port were priced at $63-65/bbl on a FOB basis on Monday, Reuters calculations showed.
  • Urals oil prices on a delivered ex-ship basis in Indian ports were stable at a discount of around $4-5/bbl to dated Brent, two traders said.
  • Shipping costs for Russian oil to Asia from the main Baltic ports eased in early 2024, despite security concerns in the Red Sea, winter weather and rising scrutiny over the limits of a price cap.
Energy BulletsCommodities
Energy BulletsCommodities

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