Urals crude differentials to dated Brent were stable on Thursday, while Russia has temporarily banned exports of gasoline and diesel with immediate effect in order to stabilise the domestic market.

In recent months Russia has suffered shortages of gasoline and diesel. Wholesale fuel prices have spiked, although retail prices are capped to try to curb them in line with official inflation.

The ban did not apply to fuel supplied under inter-governmental agreements to members of the Moscow-led Eurasian Economic Union, which includes Belarus, Kazakhstan, Armenia and Kyrgyzstan, Russia’s government said.

PLATTS WINDOW

No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Thursday, traders said.

NEWS

Oil prices were slightly higher in choppy trading on Thursday, rising as much as $1 a barrel after the Russian ban on fuel exports snapped focus away from Western economic headwinds that had dropped prices $1 a barrel early in the session.
Source: Reuters