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Med Crude-Urals crude differentials stable in NWE, prompt cargoes under pressure
September 20, 2017 / 4:40 PM / 3 months ago

Med Crude-Urals crude differentials stable in NWE, prompt cargoes under pressure

Sept 20 (Reuters) - Urals crude oil differentials to dated Brent in northwest Europe were steady on Wednesday, while cargoes for loading by early October stayed under pressure, traders said.

In the Platts window Shell bid for a 100,000-tonne cargo of Urals ex-Baltic for Oct. 8-12 up to minus $1.70 a barrel to dated Brent. On Tuesday Vitol sold a similar cargo to Shell for Oct. 6-10 loading at minus $1.67 a barrel to dated Brent.

Vitol offered 100.000 tonnes of Urals ex-Primorsk or Ust-Luga for Sept. 30 to Oct. 4 down to minus $1.95 a barrel, but there was no interest.

Total showed a similar cargo for Oct. 2-6 loading at minus $1.60 a barrel, down by 25 cents from its offer on Tuesday.

In the Mediterranean, there were no bids or offers for Urals, CPC Blend and Azeri BTC on Wednesday.

Russia’s Surgutneftegaz awarded two 100,000-tonne Urals cargoes to BP in a spot tender, for loading from Ust-Luga on Oct. 4-5 and 5-6, while Shell won the right to lift a cargo of the same size from Primorsk on Oct. 8-9.

The cargo for loading on Oct 4-5 was placed at a discount of $1.65-$1.75 a barrel to dated Brent, when adding freight to the original FOB-basis price, according to trade sources. Cargoes for loading on Oct. 5-6 and 8-9 were sold at dated Brent minus $1,50-$1,60, they added.

Russia will supply 28.3 million tonnes of oil to China via the Skovorodino-Mohe pipeline in 2018 as part of a bilateral agreement, a spokesman for Russian oil pipeline monopoly Transneft said on Wednesday.

He said that 1.7 million tonnes would be shipped to China from the Pacific port of Kozmino. (Reporting by Gleb Gorodyankin; Editing by David Goodman and Susan Fenton) ))

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