LONDON: Russian Urals crude strengthened in the Mediterranean on Thursday widening the gap with the weaker Baltic market and potentially encouraging more cargoes from Europe's north to sail to the south.
In the Platts window, Vitol offered an Aframax tanker at dated Brent minus $1.15 a barrel and Shell was bidding at dated Brent minus $1.40 a barrel, some 20 cents stronger than previous price estimates.
Vitol was also offering a Urals cargo in the Baltic at dated Brent minus $2.70 a barrel but saw no buyers as the asking price was assessed as too ambitious.
"There are a number of cargoes left but the buying interest is quite good. Many refiners are looking at the current flat price levels and say - well, maybe it won't go any cheaper, maybe it is time to buy," said a trader with a major.
Brent oil futures fell to the lowest since 2004 on Thursday
There was no activity in the Platts window in CPC or Azeri, which was heard to be offered outside the window at levels of about dated Brent plus $2 a barrel, but generated no buying interest as it was assessed as too strong.
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