Crude spreads take a breather, ready for next market phase

Neil Crosby

21 July 2025 Time to read: minutes

Commentary summary:

• New EU sanctions likely to have limited impacted on Russian crude whilst product import bans, in whatever form they take, will come in 2026.

• WTI appears relatively cheap globally still, which should keep WTI/Brent on a narrowing path with Cushing stocks still low and positioning divergent for WTI and Brent.

• Spot MEG and general Dubai market haven’t fallen off a cliff yet.

• Western resid tightness seems to be cooling consistently.

Neil Crosby is an experienced energy market and commodity analyst, specialising in crude oil, oil products, biofuels, and carbon. With roles at OilX and JBC Energy, he has extensive expertise in global oil industry analysis, forecasting tools, bespoke research, and client communication. His focus on refining and petrochemicals underscores his specialisation.

Sparta is a live, market intelligence and forecasting platform that enables oil traders, refiners, banks, hedge funds and wholesalers to have access to real-time and global actionable insights to capture market opportunities before others.

To find out how Sparta can allow you to make smarter trading decisions, faster, contact us for a demonstration at sales@spartacommodites.com

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Crude spreads take a breather, ready for next market phase

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