MOSCOW: Urals crude oil price differentials in the Mediterranean weakened on Thursday, while levels for the grade in northwest Europe remained stable ahead of a sell tender, trade sources said.
Russia's Surgut will likely obtain an extra cargo in Primorsk or Ust-Luga late in August on top of the initial loading schedule and will sell a 100,000-tonne parcel ex-Ust-Luga on spot, they added.
In the Mediterranean Unipec was offering in the Platts window 140,000 tonnes of Urals from Novorossiisk on Aug. 24-28 at down to dated Brent minus $1.70 a barrel without finding a buyer.
OMV was showing an 80,000-tonne cargo of Urals from Novorossiisk on Aug. 22-26 at a discount of $1.55 a barrel.
On Wednesday Urals Suezmax from Novorossiisk changed hands at dated Brent minus $1.60 a barrel. There was no activity in Azeri light, Siberian light and CPC Blend in the Platts window, they added.
TENDERS
Surgutneftegaz issued a tender to sell 100,000 tonnes of Urals crude for loading from the Baltic Sea port of Ust-Luga on Aug. 23-24.
Poland's PKN Orlen awarded a tender to Gunvor on Tuesday to buy 100,000 tonnes of Urals loading from Baltic ports on Aug. 19-23 at a discount of some $2.00 a barrel to dated Brent.
Mid-sized Russian state oil firm Zarubezhneft bought 50,000 tonnes of Urals crude from trader Glencore for delivery to the Croatian port of Omisalj (CIF) on Aug. 27-31, or ex-tank in the port of Omisalj (ITT) on Aug. 29-29. Hellenic Petroleum closed a buy tender for 80,000 tonnes of Urals from Novorossiisk or 85,000 tonnes of CPC Blend for delivery on Aug. 22-25. The refiner bought a cargo of CPC Blend, traders said, but the details were slow to surface.
INA closed a tender to buy 80,000 tonnes of Urals, Azeri light, Barra light, CPC Blend, Kirkuk or similar grades for delivery on Sept. 4-8 or 80,000 tonnes of Al Jurf on Sept. 8-12.
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