Urals has become a more profitable alternative for European refiners than naphtha-rich crudes, such as Forties. Naphtha and gasoline are trading below crude, and have effectively become loss-making by-products of refiners’ current drive to make more diesel (AGM, 21 November, p1). Distilling Urals in a simple refinery produces around 16pc naphtha, compared with Forties’ 24pc naphtha yield. This makes the Russian grade a better fit for refiners that are aiming to minimise naphtha production. Urals in Rotterdam is trading above Atlantic basin benchmark North Sea Dated, and more than 60￠/bl above Forties cargoes (see graph).
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