Key Points
The price of Russian crude and fuel is rising for buyers in Asia as the pool of bigger customers from China and India expands, putting pressure on smaller refiners that eagerly consumed the cheap oil...
Offer levels for Russias Urals and ESPO crude, as well as fuel oil, surged over the past weeks, according to traders with knowledge of the matter..
Increased interest from Chinese state-owned and large private refiners such as Sinopec, PetroChina Co. and Hengli Petrochemical Co., in addition to a jump in Indian demand, led cargoes to be snapped up at higher prices, they said..
The larger refiners have muscled in to a patch typically dominated by Chinas smaller independent processors, known as teapots, which have been consistent consumers of discounted Russian crude...
Offers for ESPO thats typically loaded at Kozmino port was close to $6.50 to $7 a barrel below ICE Brent on a delivered basis to China, while flagship Urals shipped from western ports was around $10 under the same benchmark, said traders..
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