Urals differentials moved sideways this week as European crude oil demand remains buoyant and arbitrage flows to Asia pull crude cargoes out of the region, taking weight out of regional medium, sour crude supplies. Urals prices were little changed from a week ago, closing at dated Brent minus $2.50 in Northwest Europe and minus $1.60 in the Mediterranean on Mar. 22. The price support counters seasonal weakness typical for this time of year, when European refineries hit peak turnarounds and Russian crude exports rise in conjunction with domestic downstream maintenance.
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