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OIL: Urals Pricing Drops Below $60/bbl Price Cap

OIL
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Urals pricing drops below $60/bbl price cap for the first time since December in a sign that US sanctions on Russia are impacting, Bloomberg reports. 
• The price of Urals has dropped more than $10/bbl since the US imposed sanctions targeting Russia’s oil trade on Jan.10 to around $59/bbl as of Feb. 5, according to Argus data.  
• Urals is trading at almost a $16/bbl discount to Brent, the highest since May. 
• The vessels designated under the Jan.10 sanctions were responsible for 44% of Russian crude voyages in 2023, Vortexa analysis showed. 
• It had previously been suggested that Russia would need to sell some crude at a discount to engage Greek-operated vessels that previously participated in the Russian oil trade in line with price caps. 
• Prices below $60/bbl conform with the cap set by the G7 and should in theory enable Russian exporters to use western services like tankers and insurance, provided traders can prove that the barrels have been purchased below the threshold. 

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Urals pricing drops below $60/bbl price cap for the first time since December in a sign that US sanctions on Russia are impacting, Bloomberg reports. 
• The price of Urals has dropped more than $10/bbl since the US imposed sanctions targeting Russia’s oil trade on Jan.10 to around $59/bbl as of Feb. 5, according to Argus data.  
• Urals is trading at almost a $16/bbl discount to Brent, the highest since May. 
• The vessels designated under the Jan.10 sanctions were responsible for 44% of Russian crude voyages in 2023, Vortexa analysis showed. 
• It had previously been suggested that Russia would need to sell some crude at a discount to engage Greek-operated vessels that previously participated in the Russian oil trade in line with price caps. 
• Prices below $60/bbl conform with the cap set by the G7 and should in theory enable Russian exporters to use western services like tankers and insurance, provided traders can prove that the barrels have been purchased below the threshold.