Differentials steady as traders digest US peace proposal news
June Goh
Senior Oil Market Analyst
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21 November 2025Time to read: minutes
* A length of heavy sour crude supply in the Middle East is spurring demand for light barrels for blending to create a synthetic medium feedstock for plants which usually run medium crudes, Sparta Commodities analyst June Goh said.
Reuters, Nov 20, 2025 – Mediterranean and Russian crude diffs held steady as the market absorbed news of a new U.S. peace proposal for Ukraine, which—if successful—could ease supply-risk premiums and refocus traders on an already oversupplied market. Sweet grades continued to strengthen against Dated Brent while sour barrels stayed pressured by ample Middle Eastern supply, driving demand for light crude to blend into synthetic mediums. Activity was muted in the Platts window, with no bids or offers reported.
