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Med Crude-Urals diffs in NWE slide for 4th consecutive day
August 22, 2017 / 5:18 PM / 4 months ago

Med Crude-Urals diffs in NWE slide for 4th consecutive day

MOSCOW, Aug 22 (Reuters) -

* Urals crude differentials to dated Brent in northwest Europe were down for a fourth consecutive trading day on Tuesday as limited buying interest and weaker refinery margins coincided with high export expectations for September.

* Buyers foresee ample supplies of the grade for next month, while the arbitrage window to Asia is shut due to a wide Brent-Dubai spread, limiting appetite for the grade from Asian buyers, such as China’s Unipec.

* In the Platts window Glencore offered 100,000 tonnes of Urals ex-Primorsk or Ust-Luga for Sept. 1-5 loading down to minus $0.90 a barrel to dated Brent, but nobody was interested, traders said.

* Vitol and Eni offered cargoes with similar loading dates down to minus $0.75 and $0.85 a barrel respectively.

* On the buy side, BP bid for 100,000 tonnes of Urals for Sept. 3-7 loading at dated Brent minus $1.05 a barrel without finding a seller.

* Russia’s Surgut awarded Eni in a spot tender 100,000 tonnes of Urals for loading in Primorsk on Sept. 7-8 at discount of some $0.95 a barrel to dated Brent, when adding freight to the original FOB-basis price, according to trade sources.

* Complex oil plants cracking Urals in the Mediterranean stood to make a profit of $5.27 a barrel on Tuesday, down from $5.96 a barrel over the last 15 days, a Reuters model showed.

* There were no bids and offers for Urals, Siberian Light, Azeri BTC and CPC Blend in the Mediterranean in the Platts window on Tuesday.

* Libya’s Sharara oil field, the country’s largest, was gradually restarting on Tuesday after repeated disruptions causing production shutdowns, two sources at the field said. (Reporting by Gleb Gorodyankin; editing by Susan Thomas) ))

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