finance
Russian Urals Oil Trades at $2-4 Premium to Brent for June Delivery in Indian Ports
Premiums for Russian Urals crude have declined to $2-4 per barrel above Brent for June delivery cargoes in Indian ports. The drop comes amid weak refining margins, according to sources. @DeItaone reported the development on Tuesday.
May 12, 7:41 AM·1m read1 source
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Premiums for Russian Urals oil fell to $2-4 per barrel versus Brent for June delivery cargoes in Indian ports, sources said. The decline in Urals premiums occurred on weak refining margins.
@DeItaone reported the move, which reflects softening economics for buyers of the Russian grade even as it continues to trade at a modest premium to the global benchmark.
The narrowing spread comes as Indian refiners grapple with compressed margins amid softer product cracks in Asia. Traders monitoring the physical market noted the shift in pricing for the June loading program. Russian Urals has maintained access to Indian buyers since the imposition of Western sanctions, though the economics have fluctuated with global refining conditions.
The latest assessment points to a narrower premium than seen in prior months. Market participants attributed the change directly to the pressure on refining margins rather than shifts in supply or outright sanctions enforcement.
