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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
Russian Urals STS transfer activities have declined 85% from the peak seen in Q1 according to Vortexa.
- STS transfers of Russian Urals in August were down 10kbpd on the month to 60kbpd and 375kbpd lower than the peak observed in Q1. STS transfers accounted for 25% of total exports in Q1 but that had fallen to only 4% in August.
- Buyers of Russian Urals in China and India no longer need a middleman to put a step between the seller and buyer as may have been the case initially post-ban.
- The decline is also driven by a reduced need for ice class vessel in the Baltics. The requirement for tankers acting as shuttles between the Baltics and the Mediterranean (Kalamata and Ceuta) reduced as the weather warmed.
- The cut in Russian exports by approximately 400kbpd in July and August compared to Q1 and Q2 also contributed to the decline.
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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