June 20, 2019 / 5:32 PM / a month ago

Med crude-Urals diffs ease in Baltic as prompt cargoes trade

MOSCOW, June 20 (Reuters) - Urals differentials eased to dated Brent in northwest Europe as remaining prompt cargoes on offer weighed on the market.

* A number of Urals cargoes loading in the end of June to early July were still available and traded with wider discounts to dated Brent compared to the cargoes loading later in July, traders said.

* Market participants awaited Urals loading plan for the first half of July to be released soon to lift trading activity.

PLATTS WINDOW

* In the Platts window Total bought 100,000 tonnes of Urals loading from Primorsk on June 30-July 4 at dated Brent minus $2.35 per barrel from Glencore, which was some 60 cents per barrel cheaper than the deal made on Wednesday.

* Shell also purchased a Urals cargo loading from Primorsk on July 1-5 at dated Brent minus $2.15 per barrel from Trafigura.

* At the same time Gunvor bid for 100,000 tonnes of Urals loading from Ust-Luga or Primorsk on July 11-15 at dated Brent minus $1.85 a barrel, but failed to find a seller.

NEWS

* Angola, a key provider of oil to China, has suffered its slowest trading month this year as poor refining margins, high freight rates and subdued demand amid the trade war between Beijing and Washington curbed its sales.

* After three decades of stellar expansion and booming revenues, profit margins at Vitol, Glencore, Trafigura, Gunvor, Mercuria and other merchants have been squeezed by a market again awash with crude and amid stiff competition from national oil firms.

* Iraq’s SOMO has sold 1 million barrels of Basra Heavy crude at a premium of 90 cents a barrel above its official selling price (OSP), two trade sources said on Thursday, marking a fall to less than half the premium of its previous sale. (Reporting by Olga Yagova Editing by Edmund Blair)

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