In this episode of The Officials Explain, Will and Ed break down the fascinating world of crude oil grades - and why the market can’t afford to ignore their differences.

From the lightest Malaysian condensates to Venezuela’s goopy Merey 16, they explore how density, sulphur, and even metal content shape both value and logistics.

They unpack:
• The role of API gravity and sulphur content in defining crude grades
• Why yield matters, and how refiners calculate value from gasoline to fuel oil
• How soaring fuel oil cracks are flipping traditional Dubai benchmark pricing
• The mechanics of quality premiums and sulphur escalators in the North Sea
• What refinery setups in Europe, China, and the Gulf of Mexico reveal about global trade flows

This episode is essential viewing for anyone working with or exposed to crude-linked pricing.

All the trades discussed are live on Onyx Markets, where you can practice, simulate, or dive in. Visit https://onyxmarkets.co.uk/

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👉 Oil swaps dictionary: https://www.onyxmarkets.co.uk/oil-sw
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Crude Oil Grades Explained: Why Crude Prices Differ

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Crude Oil Grades Explained: Why Crude Prices Differ