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Oil Moves Up Despite Rising Product Inventories

Oil Moves Up Despite Rising Product Inventories

Crude oil prices inched higher…

Russian Oil And Fuel Exports Slump In September

Russian exports of crude oil and refined products declined substantially in September, according to Petro-Logistics data cited by UBS commodity analyst Giovanni Staunovo.

According to Petro-Logistics, total Russian crude oil exports averaged 3.15 million barrels daily this month, which was down by 280,000 bpd from August. Crude exports to Europe slumped by 314,000 bpd from August to about 900,000 bpd.

The data shows that crude oil exports to Asia - now Russia’s biggest market - in September were down by more than 250,000 bpd to an average daily of 1.6 million barrels, Staunovo tweeted. He added that some 187,000 bpd of Russian oil on water still had no fixed destination.

Exports of refined oil products declined by 146,000 bpd this month, to 2.26 million bpd, the data also showed.

Data from Kpler, on the other hand, showed that over the seven months from March this year Russian oil exports had risen on the year, by 17 percent. Fuel exports, however, dipped by 5.5 percent over the same period, American Shipper said, as quoted by bne IntelliNews.

Meanwhile, Energy Intelligence reported that details have begun to emerge about the G7 oil price cap on Russian exports. Citing unnamed delegates at the APPEC energy conference, the cap for Urals crude will be set at around $50 per barrel, while the caps on Russian fuel exports will vary between premiums for some products and discounts for others.

Gasoline and diesel are among the products whose price cap will be higher than the price for Russian crude, while naphtha and high-sulfur fuel oil would be capped at a discount to crude.

One condition of the price cap system would be that parties that buy Russian crude or products under this system would be banned from reselling them, the report noted. Interestingly, refiners purchasing Russian crude oil outside the price cap system would not be sanctioned, Energy Intelligence also said.


By Charles Kennedy for Oilprice.com

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