MOSCOW: Urals crude differentials in northwest Europe eased slightly on Tuesday, while the grade was bid higher in the Mediterranean market, traders said.
Limited availability of Urals from Russia's Baltic Sea ports in June was offset by lower arbitrage flows to Asia, while traders expect to see top-ups to the loading plan for next month.
In the Platts window Shell bought from Litasco 100,000 tonnes of Urals crude for June 16-20 loading at dated Brent minus $1.40 a barrel, traders said. That was down by 5 cents from Monday estimates for the grade.
Vitol offered a similar cargo for June 9-13 down to minus $1.55 a barrel, but there was no interest. The cargo was a bit too prompt, traders said.
In the Mediterranean, Shell bid for 80,000 tonnes of Urals for June 16-20 loading up to minus $1.30 a barrel, while Vitol offered a cargo of the same size for June 10-14 at minus $0.80 a barrel to dated Brent.
There were no bids and offers for Azeri Light and CPC Blend in the Platts window on Tuesday.
TENDERS
Russia's Surgut sold 100,000 tonnes of Baltic Urals to Gunvor in a spot tender.
The cargo for loading from Ust-Luga on June 21-22 was awarded at a discount of $1.35-$1.40 a barrel to dated Brent, when adding freight to the original FOB-basis price, traders said.
Poland's PKN Orlen awarded Total 100,000 tonnes of Urals crude in a buy tender for delivery to Butinge in June, several traders said, but this couldn't be verified.
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