Crude Oil - US Arbitrage Drags Down Russian Espo

摘要

The spot market for Russia’s key East Siberia-Pacific Ocean (Espo) crude oil has weakened, dragged down by competing arbitrage US crude, stronger benchmark Dubai prices, softer Chinese demand and higher supply. July-loading Espo spot cargoes traded at premiums ranging from $3.00-$3.20/bbl to the Dubai benchmark price in late May, say several market sources. But by early June, July spot Espo was being sold at premiums of around $2.70/bbl and weaker, traders say.