ETF Securities (ETFS) offers a multitude of dual-listed commodity, currency, and index ETFs. This is a brief study of three of those securities designed to track the DJ-UBS Coffee Sub-Index. ETFS offers a German-listed, Euro-denominated security under the ticker OD7B; an LSE-listed, US dollar-denominated security under the ticker COFF; and a French-listed, Euro-denominated security under the ticker COFFP. 
The Urals arbitrage looks to be strengthening relative to the REBCO curve on Thursday. Urals is a blend of light and heavy crude oils from West Siberia, the Ural Mountains in Russia, and flow from fields in the Caspian, an area rich in oil history. 
Urals differentials in the south were still said to be strong on the back of tight supplies. The July programme is largely sold out with only part cargoes left.
"It's all sold out. It's part cargoes changing hands at ridiculously high levels," said one trader.
One Italian refiner has started taking Urals cargoes from North West Europe to the Mediterranean in a rare arbitrage movement, taking advantage of the north/south price gap, a trader said.
"The arbitrage to the Mediterranean is open," said a trader
with a major house, adding he had heard that at least one
100,000 tonne cargo of Urals might be moving in this direction
from the Baltic.
"If you want to bring a cargo to the Med, to Spain for
example, the arb is workable," said another trader with a large
company.
Bloomberg covered the action in today's North Eastern electricity markets. While PJM and NEISO caught bids, the NYISO grid saw the most action. The "load" on the graph to the right is the electricity usage of the NYC node within the NYISO grid relative to the spot price of electricity.
via 4 Apr Reuters,Traders said between 20-30 cargoes of Nigerian crude oil were still unsold from the April-May programmes.
"Flow to the States is minimal. Light, sweet is plentiful in the U.S. so there is limited W. African demand," said a West African crude oil trader.
"There is certainly a discrepancy between futures and cash crude markets," said Olivier Jakob from Petromatrix consultancy. "There is no shortage in the physical market, but there is a lot of uncertainty regarding Iran. If you want to hedge Iranian risk, you do it on the futures market."via 3 Apr Reuters,
"The reality today is that the market is well oversupplied. OPEC production has been rising consistently since September and will probably continue rising further," said Colin Smith, energy strategist at VTB Capital.
"At some point - as happened in 2008 - the markets will take note, perhaps before it shows up in the inventories but certainly as and when it does show up in the inventories," said Smith, whose bank is a top lender to the Russian oil industry.
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Delays at Russia's main Black Sea port of Novorossiisk due to bad weather continued to crimp supplies in the Mediterranean in contrast with well supplied markets in the Baltic, where Russia opened a new export outlet of Ust-Luga last month.
"The arb between the Baltic and the Med is well open now... Some 300,000 tonnes might have already sailed," a trader with a major said, referring to arbitrage shipments from northern Europe to the Mediterranean where prices are around $1 per barrel higher.
"Everybody is waiting to see if the U.S. and EU will release strategic stocks," said a trader. "Nobody is buying."
Nabiullina said that Urals blend URL-E crude price forecasts for the following two years have been left unchanged at $97 and $101 respectively, adding that the ministry expects oil prices to decline from current levels.
"Supply is really ample here. You can see any kind of crude oil you can think of. West African, Caribbean, North Sea and so on," a trader with an oil refiner said.
"Urals is typically depressed around April-May due to the spring maintenance season. This year you also have extra volumes from Ust-Luga," he added referring to a new Russian Baltic Sea port, which was launched earlier this month.
In the Platts window, Litasco offered a rare 60,000-tonne Siberian Light cargo at dated Brent minus 25 cents loading from port of Tuapse in mid-April, more than $1 per barrel weaker than previous price indications, but could find no buyers. "A couple of other cargoes are still available and are being offered," one trader said. Socar offered Azeri Light a dated Brent plus $3.50, slightly weaker than previous price estimates, but found no buyers, traders said.
Traders estimated that Glencore, the world's largest publicly listed trader, was set to market up to 10 Urals cargoes in the Baltic in April, a number not seen for many years while the market for Russian crude was dominated by other players. "Glencore is definitely coming back big," one trader with a major oil company said. "I would say they are now sharing leading positions with Shell and Statoil."
An Iranian tanker carrying Syrian crude oil is being held in Egyptian waters because it has not paid the Suez Canal Authority the fees required for passage, the Egyptian authority said on Monday.
Reuters reported on Friday that the M.T.Tour, owned by ISIM Tour Ltd and identified by the U.S. Treasury Department as a sanctions-evading company set up by Iran, was shipping a cargo of Syrian crude to a state-run Chinese company.
The official added that the tanker had come from Syria and was heading to Singapore. He said it had been carrying a Maltese flag but was now registered under a Bolivian flag. The official had no knowledge of any link with Iran.
Malta said on Sunday it was delisting the M.T. Tour on learning that it was carrying Syrian oil in breach of international sanctions.
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"Sentiment in the Asia-Pacific crude market firmed on Wednesday, with Australia's Enfield crude expected to fetch double-digit premiums due to tight supplies.
One cargo of April-lifting Enfield, which was delayed from March, being offered and could trade at a record premium above $10 to dated Brent, a trader said.
Premiums for sweet regional crudes for April have risen across the board after Cyclone Iggy disrupted Australian supplies and Sudanese grades remains off the market."
"Russian Urals crude eased steeply on Wednesday as traders cited a spike in oil futures and expectations of a large loading programme in March as weighing on the export grade of the world's largest oil producer.Feb 21, via Reuters:
"We have yet to fully see a full loading programme for March. But people expect it to be quite good, plus there is a factor of the launch of (a new Baltic port) Ust Luga," one trader with a major said.
In the Platts window, Trafigura offered a March 3-7 cargo of Urals from the Baltic at dated Brent minus 55 cents, some 50 cents lower than price indications earlier this week, traders said.
In the Mediterranean, Eni offered a 80,000-tonne March 3-7 cargo at dated Brent minus 60 cents, some 60-70 cents lower than price indications earlier this week, traders said."
"URALS * On Monday, Lukoil offered a March 3-7 Urals cargo from Primorsk at dated Brent minus 5 cents, some 20 cents lower than price indications last week.
UST-LUGA * Russia's new Ust-Luga Baltic oil terminal, undergoing repairs after damage caused by multiple landslides, will be ready to start loading crude in the coming weeks and may handle a few cargoes in March, a spokesman for Transneft said."
"Russian Urals crude eased in the Baltic on Monday as fresh loading dates for March showed healthy supply volumes from the world's largest oil producer."
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