MOSCOW: Urals crude oil price differentials in the Mediterranean and northwest Europe were slightly lower on Wednesday, while Azeri light levels were seen firmer, trade sources said.
In the Mediterranean Vitol was offering 140,000 tonnes of Urals from Novorossiisk on August 18-22 at down to dated Brent minus $1.60 a barrel when Litasco stepped in to buy a cargo. In the Baltic Vitol was showing a 100,000-tonne cargo of Urals from Primorsk or Ust-Luga on August 23-27 down to dated Brent minus $2.10 a barrel without finding a seller.
That was some 10 cents a barrel below the latest levels. In lighter grades, Vitol was bidding in the Platts window for 600,000 barrels of Azeri Light for loading late on August 15-18 at up to dated Brent plus $2.20 a barrel without finding a seller, traders said.
That was up by 5-10 cents compared with the latest levels heard outside the window.
There was no activity in Siberian Light and CPC Blend in the Platts window, they added. Libya's National Oil Corporation, which hopes to more than quadruple the country's oil output by the end of this year, remains concerned that promises to reopen blockaded ports could be broken, the NOC chief in Tripoli told Reuters on Tuesday.
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