MOSCOW: Urals crude differentials in northwest Europe slipped from multi-year highs on Tuesday as the trading cycle rolled to the next month and sellers sought to place January barrels before the Christmas holiday in Europe.
Reuters sources said they expected to see more loading dates from the January lifting schedule Wednesday.
In the Platts window, Glencore sold to Total 100,000 tonnes of Urals for loading ex-Primorsk or Ust-Luga on Dec. 29-Jan. 2, at dated Brent minus $0.40 a barrel.
That was down by some 35 cents from the latest assessments for the grade in the region.
Trafigura offered a similar cargo for Jan. 4-8 loading at a premium of $0.30 a barrel, but nobody was interested.
In the Mediterranean, there were no bids or offers for Urals and CPC Blend on Tuesday.
In Azeri BTC, SOCAR offered 650,000 barrels of the grade for Jan. 5-9 at dated Brent plus $2.45 without finding a buyer.
A global deal to cut oil production could be extended beyond 2018, Pavel Fedorov, first vice-president of Russia's largest oil producer Rosneft said on Monday, presenting the company's strategy through to 2022.
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