Sanctions shock gives way to nuance

Neil Crosby

30 October 2025 Time to read: minutes

Commentary Summary:

• US total oil stocks see a huge draw, but with caveats.

• Indian buying of Russian oil will likely ease but a full rejection still seems unlikely.

• ICE GO has responded to a lack of open arbs and sanctions possibilities, but hasn’t done enough to draw more volume in yet.

Crude pricing has begun to cool off this week with the BDSS even rebounding and AG spot premiums a little volatile but not consistently showing a major tightening for now.

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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Sanctions shock gives way to nuance

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