Russian Oil Premium Vanishing on Refinery Cuts: Energy Markets
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Russian crude’s unprecedented premium to North Sea Brent is vanishing as European refiners switch to higher-value blends and scale back purchases to protect their profits.
Urals export blend for delivery in northwest Europe rose above Dated Brent, the benchmark for two-thirds of the world’s oil, for the first time in August, before dropping back below Brent the past two days. It’s more likely to keep falling than resume those gains in the coming month, according to the majority of 13 oil traders surveyed by Bloomberg News.