Urals discount to Brent widens to ~-$4.1/bbl while Bonny Light, supported by Nigerian output cuts, narrows to ~-$1.2/bbl; European refiners rebalance sourcing and Asia-Pacific re-exporters capture the spread as freight eases. Within SNSUC's seven-grade re-export suite, the repricing of Urals and Bonny Light reshapes Q4 deep-water cargo pricing.

The Brent–WTI spread holds at $5.8/bbl as Asian refinery runs recover to 83%; ESPO discount to Dubai widens to ~-$1.9/bbl, Urals to Brent ~-$3.4/bbl, and Oman premium to Dubai ~+$1.7/bbl. The inter-basin freight gap narrows to $0.3/bbl, shifting re-export arbitrage from spread-led to a three-factor re-rating of premiums/discounts, freight and documentary-compliance cost.