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Med Crude-Urals diffs weaken, CPC Blend at six-week high
September 14, 2017 / 4:56 PM / 3 months ago

Med Crude-Urals diffs weaken, CPC Blend at six-week high

Sept 14 (Reuters) - Urals crude differentials to dated Brent in northwest Europe eased again on Thursday, while CPC Blend jumped to its highest since late July on expectations of lower Kashagan crude supplies to the CPC pipeline in September, traders said.

Kazakhstan’s giant Kashagan oilfield will feed about 700,000 tonnes of oil into the CPC pipeline this month, 400,000 tonnes less than originally planned, a CPC official told Reuters on Thursday.

In the Platts window, Rosneft bid for a cargo of CPC Blend loading Oct. 3-7 up to a premium of $0.20 a barrel to dated Brent without finding a seller.

BP bid for an Aframax of the grade for Oct. 5-9 loading from minus $0.45 a barrel to dated flat, but failed to attract interest, traders said.

CPC Blend differentials were seen at about dated Brent minus $0.60 on Wednesday BFO-CPC.

In other grades, Glencore offered 100,000 tonnes of Urals crude in the Baltic for Sept. 24-28 down to minus $1.65 a barrel to dated Brent.

Vitol offered a similar cargo for Sept. 24-28 at dated Brent minus $1.30 a barrel.

Urals differentials in the Baltic were assessed at dated Brent minus $1,65-$1,55 a barrel on Wednesday BFO-URL-NWE.

There were no bids and offers for Urals and Azeri BTC in the Mediterranean on Thursday.

British oil major BP and Azeri state energy company SOCAR on Thursday signed a contract extending its production-sharing deal for Azerbaijan’s biggest oilfields until 2050.

Reporting by Gleb Gorodyankin; Editing by David Goodman

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