August 29, 2019 / 5:12 PM / 6 months ago

Med Crude-Urals and CPC Blend offered lower, Azeri BTC up in a deal

MOSCOW, Aug 29 (Reuters) - Urals crude differentials to dated Brent in northwest Europe slipped further on Thursday on ample supply set for September and slugging demand, traders said.

The arbitrage window for Urals cargoes ex-Baltic ports to the Mediterranean is still wide open, while offers to sell barrels from the north may put pressure on its differentials in the south, they added.


* Litasco offered 100,000 tonnes of Urals from Primorsk for Sept. 15-19 loading down to minus $0.75 a barrel to dated Brent.

* Trafigura offered 100,000 tonnes of Urals from Primorsk for Sept. 19-23 down to minus $0.75 a barrel to dated Brent.

* Total offered 100,000 tonnes of Urals from Primorsk or Ust-Luga for Sept. 19-23 loading at minus $0.70 a barrel to dated Brent.

* Petroineos offered 93,500 tonnes of CPC Blend for Sept. 19-23 at minus $1.15 a barrel, but there was no interest.

* SOCAR sold to Total 650,000 barrels of Azeri BTC for Sept. 16-20 loading at dated Brent plus $3.25 a barrel, up by 50 cents from previous estimates. TENDERS

* Russia’s Surgutneftegaz sold in a spot tender on Thursday 140,000 tonnes of Urals loading from the Black Sea’s Novorossiisk port and 400,000 tonnes of the grade from Baltic Sea ports in September.

* Trafigura won the right to lift a cargo from Novorossiisk, while Unipec won at least one Baltic cargo, traders said.

* The other winners and price levels were slow to emerge.


* Russia’s oil output rose to 11.31 million barrels per day (bpd) in Aug. 1-28, two sources familiar with the data told Reuters on Thursday, higher than the rate Moscow has pledged to cap output at under a pact with other producers.

* U.S. envoy Elliott Abrams told reporters that the Venezuelan government was increasingly relying on Russian oil firm Rosneft for financial support. Rosneft’s purchases and sales of Venezuelan oil did not violate U.S. sanctions at this time, he added.

* Russian pipeline monopoly Transneft said on Thursday that its possible liabilities over the contamination of Russian oil via the Druzhba pipeline could have a significant impact on its financial results in the future. (Reporting by Gleb Gorodyankin and Olga Yagova; Editing by Susan Fenton)

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