MOSCOW: Urals differentials were unchanged on Monday after the release of a preliminary loading schedule for November which showed a widely-expected sharp fall in exports from Baltic ports.
Exports from the Baltic ports of Primorsk and Ust-Luga will be 1.3 million tonnes lower in November compared to October, the preliminary loading schedule obtained by Reuters showed.
Russia plans to load 3.8 million tonnes of Urals from Primorsk next month, down by 1.2 million tonnes compared to October plan and 2.7 million tonnes - from Ust-Luga, down by 0.1 million tonnes on October.
Russian exports hit a record high of 7.8 million tonnes of Urals from Baltic ports in October due to maintenance in the port of Novorossiisk and seasonal refinery turnarounds.
Urals and Siberian light exports from Novorossiisk are expected to be 0.56 million tonnes higher in November than in the October plan, due to the ending of the maintenance at the port, traders said.
Lower Urals exports in November were widely expected due to a sharp increase in refinery throughputs in Russia planned for November as a result of seasonal maintenance, which had already given support to Urals prices in the Baltic.
In the Platts window, Unipec offered 80,000 tonnes of Urals loading on November 9-13 at dated Brent minus $1.50 a barrel, which was in line with the recent estimations, but withdrew the offer.
Traders expected Urals differentials to weaken in the Mediterranean due to higher supply. There were no bids or offers for Urals, CPC Blend or Azeri light in the Platts window on Monday, traders said.
Comments
Comments are closed for this article.