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Med Crude-Urals slips for fourth session
September 26, 2012 / 4:16 PM / 5 years ago

Med Crude-Urals slips for fourth session

MOSCOW, Sept 26 (Reuters) - Russian Urals crude weakened for a fourth straight session on Wednesday because of ample supplies and traders said the trend could persist due to poor demand.

“Refining margins remain very good for all types of crude but people are awash with volumes, so I cannot rule out another round of weakening,” one big trader in the Mediterranean said.

Russia finalised its October export schedules on Wednesday confirming preliminary figures.

The loadings showed that oil exports will rise steeply from the country’s main Black Sea port while falling only slightly from the Baltic.

In the Platts window, Vitol sold a SuezMax Urals cargo for Oct 5-9 delivery to Eni at dated Brent minus $1.75 per barrel some 10 cents weaker than prices on Tuesday.

Surgut offered to sell a cargo from Ust-Luga for Oct 12-13 loading, and a cargo from Primorsk for Oct 15-16 delivery. It will also sell a SuezMax stem from the Black Sea port of Novorossiisk for Oct 15-16 delivery. The tender closes on Thursday with results likely to be known on Friday.

In other grades, Azeri Light was perceived weaker with one trader saying offers have been made on Wednesday outside the window at dated Brent plus $3.05, some 35 cents weaker than previous offers.

“No one wants anything as far as Azeri is concerned,” one big Azeri seller said. (Reporting by Dmitry Zhdannikov and Gleb Gorodyankin; Editing by William Hardy)

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