Urals oil price reaching $24.68 per barrel

The Urals oil price in Northwestern Europe reached $24.68 a barrel [CIF Rotterdam] for the first time since mid-March, Argus agency reports.

The Urals is traded with the $0.85/barrel premium against the Brent in Northwestern Europe for the fourth day in succession [CIF Rotterdam terms]. The price uptick is increased by almost all May volumes of the Urals already sold, Argus reports, citing traders. Total shipments of the Russian oil blend will fall by almost 40% against April to 1.32 mln barrels per day.

The price for Urals batches with the volume of 80,000 tonnes also increased to $25.33 per barrel in the Mediterranean, CIF Augusta. The blend premium stays unchanged for four trading days in succession and is $1.50 per barrel against the North Sea dated blend.

Last updated on Sat., May9, 2020.