Urals swaps draw more brokers

摘要

The small market in Russian medium sour Urals crude swaps is getting bigger, and is drawing more brokers to the trade. Urals contracts for difference (CFDs) are swaps that track the price spread between cargoes of the grade in northwest Europe and the Mediterranean rela- tive to Atlantic basin benchmark North Sea Dated. They trade in 100,000 bl lots on the basis of average monthly quotes and are primarily used by trading firms and oil majors to hedge exposure to the physical market.