LONDON: Russian Urals crude was steady on Tuesday with the swaps for the grade also showing relatively stable prices for the rest of the month, supported by a short loading programme and good refining margins.
There were no deals, bids or offers in Urals, CPC, Azeri Light or Saharan Blend in the European crude markets in the Platts window on Tuesday, traders said.
Urals swaps showed expectations for the grade to weaken to dated Brent minus 10-30 cents later in the month in the Mediterranean but still staying not far off its current strong levels of a small premium to dated Brent.
In the Baltic, the grade was expected to strengthen slightly from its current levels to around dated Brent minus $1.35-$1.55 a barrel.
Urals has been supported in the Mediterranean by delays with tanker passage through the Bosphorus as well as fears that Iraqi Kirkuk supplies could be disrupted again by fighting. Strong refining margins and relatively short Russian exports have also contributed to the grade's strength in both the Mediterranean and Baltic.
In Libya, new clashes erupted on Tuesday between rival factions fighting for control of the country's biggest oil port Es Sider, killing several people, both sides said.
The fighting came a day after the United Nations said it was seeking a ceasefire to pave the way for a new round of peace talks between rival factions operating two opposing governments, nearly four years after Muammar Gaddafi's overthrow.
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