Lower Chinese demand and higher freight costs pushed the price of Russia's ESPO crude oil lower, with the blend now trading at a discount to Brent.
Russia’s ESPO crude blend has slipped to a discount to Brent for December loadings to China amid lower Chinese demand and higher freight costs, Reuters reported on Wednesday, citing market sources.
named after the East-Siberia-Pacific Ocean pipeline that carries it to export markets, is a light crude with a low sulfur content that independent Chinese refiners are especially partial to. In recent days, demand for ESPO from China has dropped as refining margins have declined and Chinese refiners are left with limited quotas to export fuels until the end of this year, according to Reuters’ sources.
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