Markets
Spot premium for Russian ESPO crude falls to 3-mth-low as China demand muted
- The cargoes, loading over Feb. 28-Mar. 5 and Mar. 2-8, were sold to trading house Mercuria and Glencore, the sources said.
SINGAPORE/MOSCOW: Surgutneftegaz sold two March-loading cargoes of Russian ESPO crude, a China-focused grade, at spot premiums in the range of $1.50-above $1.60 a barrel to Dubai quotes via its first spot tender this month, the lowest since October, trade sources said on Monday.
The cargoes, loading over Feb. 28-Mar. 5 and Mar. 2-8, were sold to trading house Mercuria and Glencore, the sources said.
Chinese teapot appetite for spot crude is weak this month as a surge in new COVID-19 cases has triggered new lockdowns in north and northeast China, while high oil prices squeeze margins.
Last month, ESPO crude was sold at spot premiums of around $2.3-$3.3 a barrel to Dubai quotes via tenders.
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