- India is absorbing shunned Russian oil despite warnings from the U.S. (Bloomberg)
- The Asian nation is snapping up every major grade from Russia
- State-run oil refineries are actively negotiating private deals with Russia instead of buying through public tenders in order to get better pricing
- AEGIS notes that many analysts have reduced their estimates for how much Russian crude will be lost in the coming months in the global market as Asian consumers appear to be willing buyers
- Offshore U.S. crude grades rise to a four-week high amid a pickup in Gulf refinery buying (BBG)
- Mars blend was +40c to 30c/Bbl under WTI; the smallest discount since March 2
- Gulf grades Poseidon, Thunder Horse, and Southern Green Canyon, were also trading at the smallest discount since early March