MOSCOW: Premiums for Azeri light were slightly supported as demand for October-loading cargoes improved among European refiners and more cargoes loading in the first half of the month were sent out of the region.
In the Platts window, Statoil offered 135,000 tonnes of Azeri light loading from Supsa or Ceyhan on Oct. 1-5 from a premium of $1.50 down to $1.25 a barrel to BFOE, and at this level it was booked by Japan's Itochu, traders said.
The level of the deal was around 20 cents firmer than recent estimations.
CPC Blend differentials were still under pressure in the Mediterranean as refining margins for the grade were quite poor. Expectations of higher supply in the coming months due to the start of production at the giant Kashagan field were also a factor.
In the Platts window, Vitol offered 85,000 tonnes on CPC Blend loading on Oct. 1-5 at a discount of $1.20 a barrel to BFOE. Shell also offered 135,000 tonne cargo loading in the same dates at dated Brent minus $1.30 a barrel to BFOE. Both offers failed to attract buyers.
Urals differentials remained unchanged on a quiet trading day as buyers were still evaluating October export volumes. Urals preliminary loading plans from Russian ports for the first 10 days of October showed an increase in loadings compared to the same period in September.
Loadings from Primorsk are set to rise by 600,000 tonnes compared to the September plan, to 1.6 million tones. Exports from Ust-Luga will remain unchanged to the current month at 900,000 tonnes.
Urals exports from Novorossiisk are set at 680,000 tonnes for the first 10 days of October, down by 220,000 tonnes compared to September.
In the Platts window, Trafigura offered 100,000 tonnes of Urals loading from Baltic ports on Oct. 1-6 at a discount of $2.50 a barrel to BFOE, but withdrew the offer before the end of the trading session. There were no bids or offers for Urals in the Mediterranean on Monday in the Platts window, traders said.
Comments
Comments are closed for this article.