Background

Dated Brent's discount widened against Urals past the 7 July India/Baltic split as Russia's export grade held $48.95-55.12 while Brent gained roughly $6 toward $79.16 by 13 July, a gap this desk derived from the flat-price move rather than a fresh lifted assessment.

Dated Brent is S&P Global Platts' assessment of physical North Sea crude cargoes, the reference point against which sanctioned and discounted grades such as Urals price their spread. Because it tracks physical cargoes rather than futures paper, it is the benchmark this desk checks when a flat-price move needs testing against what barrels are actually changing hands for; the 7 July reading had already split the Urals discount past $10 delivered to India against $20 loading in the Baltic.

Common Questions

What is Dated Brent?

S&P Global Platts' assessment of physical North Sea crude cargoes, the reference point against which discounted grades such as Urals price their spread.Source: S&P Global Platts

How wide is the Urals discount to Dated Brent?

As of 7 July 2026 the discount had split past $10 a barrel delivered to India against roughly $20 a barrel loading in the Baltic, widening further as Brent gained about $6 into 13 July.Source: S&P Global Platts

Why does the Urals discount differ between India and the Baltic?

The discount reflects delivery basis: India-delivered cargoes carry a smaller discount than Baltic-loading cargoes, which price in freight and insurance risk closer to the point of sanctions exposure.Source: S&P Global Platts