MOSCOW: Russian Urals crude price differentials strengthened on Monday in the Baltic and the Mediterranean on expectations of lower supplies in February. In the Platts window, Vitol and Litasco bid for Aframax Urals cargoes in the Mediterranean at dated Brent minus 90 cents and minus $1 a barrel respectively, but found no sellers, traders said. The bidding levels were around 30 cents stronger than previous price estimates.
Outside the window, Russian oil firm Surgut awarded 200,000 tonnes of Urals to Total and Statoil in a spot tender in the Baltic at a price around dated Brent minus $1.40-$1.45 cif NWE, when adding freight to the original FOB-based price. Poland's PKN Orlen was believed to have awarded a tender to buy Urals crude in the Baltic at dated Brent minus $1.30-$1.40 a barrel.
A preliminary Urals export plan for February showed on Monday that loadings from the Baltic will fall in February by 5 percent on a daily basis to 5.4 million tonnes, including 3.3 million from Primorsk and 2.1 million from Ust-Luga. From the Black Sea port of Novorossiisk loadings will amount to 2.117 million tonnes including 225,000 tonnes which could not be loaded in January, meaning supplies will be relatively tight.
BP bid for a large CPC Blend cargo in the Platts window at dated Brent plus 10 cents, some 30 cents stronger than previous price estimates. Oil output from Libya, where ports and oilfields have been shut due to fighting, has fallen to 363,000 barrels a day with exports at about 200,000, the oil minister appointed by forces in control of the capital Tripoli told Reuters.
Comments
Comments are closed for this article.