MOSCOW: Urals differentials remained stable on Wednesday while traders awaited the release of the full Urals preliminary loading plan for June, which is due on Thursday.
Urals exports from Primorsk may be cut to 2.8 million tonnes in June compared to 4 million tonnes in the May loading plan because of work on Baltic pipeline system, industry sources say. Exports from Ust-Luga will be set at 3.1 million tonnes in June, which is, traders believe, close to the maximum capacity of the port.
The current price level for Urals already includes expectations for lower exports in June, traders said.
Urals and Siberian Light crude oil exports from Novorossiisk are expected at 2.8-2.9 million tonnes in June, according to industry sources, but planned volumes may be adjusted in the loading plan, they said.
The preliminary loading plan for Urals is currently available for the first ten days of June and most of the cargoes are allocated to primary buyers.
The primary allocations in June for Urals seaborne cargoes is available here -.
In the Platts window, there were no bids or offers for Urals, Siberian Light or Azeri Light crude oil on Wednesday, traders said.
CPC Blend differentials continued to ease as Glencore tried to sell its early June-loading cargo.
In the Platts window, Glencore tried to sell 85,000 tonnes of CPC Blend loading on June 4-8 down to dated Brent minus $1.40 a barrel, but failed to find a buyer, though the offer was 15 cents lower than Tuesday.
"There is too much CPC Blend in the market now," one trader said.
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