Platts removes reference to Russian Urals in Suez Blend crude assessment

Following a period of review, Platts, part of S&P Global Commodity Insights, has removed the reference to Urals crude in its Suez Blend crude assessment.

This follows a review of the assessment which began July 25 and was published here:

https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/072522-platts-to-review-suez-blend-crude-assessments

According to market participants there is no longer any link between the value of Suez Blend and Urals crude.

Previously in times of spot market illiquidity, Suez Blend, an Egyptian grade sold FOB from Ras Sukheir, was assessed relative to the Platts CIF Augusta Urals assessment. However since the February 2022 invasion of Ukraine the value of Urals has dropped substantially and as such movements in its value do not currently influence the value of Suez Blend.

Platts will continue to publish Suez Blend as a differential to the Mediterranean Dated Strip, and on an outright price basis. In periods of illiquidity Platts will observe supply and demand fundamentals in the sour crude and wider crude oil market to establish the value of Suez Blend.

Platts Suez Blend assessment appears in Crude Oil Marketwire and on Platts Global Alert and Platts Crude Alert pages 1234 and 1250.

Please send all feedback, comments or questions to europe_crude@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.