Ural crude oil prices diverge, market remains interested in procurement
智通财经2026/10/08 14:08(1) According to quotations, Urals crude currently has a premium of about $10 per barrel over spot Brent, inferred to be the landed price at Indian ports. (2) Meanwhile, institutional assessments show that in early October, Urals crude FOB from Russian ports was trading at a discount of around $35 per barrel, compared to about $29.5 per barrel in September. (3) These discount changes have undoubtedly been affected by the general increase in shipping costs, but the net price is still about $92 per barrel. (4) There is no single price for Urals crude; various quotations appear to come from unnamed traders. (5) Despite the threat of new U.S. sanctions, global demand for Russian or other origin crude, particularly those with higher diesel yields—such as Urals and ESPO blend crude—remains relatively resilient. (6) From a logical perspective, the divergence in quotations reflects multiple pricing factors, including transportation, sanctions, and quality differences, while the strong demand for crudes with high diesel yields provides underlying support. (7) Looking ahead, key areas of focus include the enforcement intensity of sanctions, the direction of shipping costs, and changes in the purchasing pace of major buyers such as India.
- According to some quotations, Urals crude oil is trading at an approximate premium of $10 per barrel over prompt Brent, which is believed to reflect the cost and freight (CFR) price at Indian ports.
- At the same time, institutional assessments indicate that in early October, the discount for Urals crude FOB Russian ports was about $35 per barrel, compared to approximately $29.5 in September.
- This change in discounts is undoubtedly affected by the general rise in shipping costs, but the net price remains around $92 per barrel.
- There is no single fixed price for Urals crude oil; various quotations appear to come from unnamed traders.
- Despite the threat of new US sanctions, there still seems to be some willingness in the global market to purchase Russian or other origin crude oil, especially grades with higher diesel yields—both Urals and ESPO blend fall into this category.
- Logically, the divergence in quotations reflects multi-layered pricing stemming from differences in shipping, sanctions, and crude quality, and the resilient demand for high diesel yield grades provides support.
- The key points to watch going forward are the strictness of sanction enforcement, trends in shipping costs, and changes in the procurement pace of major buyers such as India.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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