Crude Oil - Russian Espo Plunges, Then Recovers

摘要

The spot market for Russia’s key East Siberia-Pacific Ocean (Espo) crude oil plunged, with deals concluded at deep discounts to the Dubai price bench- mark, although the market recovered later in June trade. China’s smaller refiners, who are big buyers of Espo, were enticed away from the Russian blend earlier by cheaper competing crudes even as the freight rate from Espo’s export port to northern China rose. But Chinese interest re- turned late in the trading month, help- ing to push up spot price differentials.