MOSCOW: Urals differentials were little changed on Thursday with no clear understanding on export levels for July so far.
A preliminary schedule for Russian Urals was released today showing a slight decrease in exports from Russian ports in the first days of July.
At the same time a quarterly export schedule also released today showed a planned increase in exports via Baltic ports in July-September compared to April-June, due to cuts in exports to Belarus.
Surgutneftegaz issued a tender on Thursday to sell 400,000 tonnes of Urals loading between July 1 and 6 from Primorsk and Ust-Luga. The tender will close on June 17 at 1400 Moscow time. Shell continued to be extremely active in the Platts window closing all the possible Urals deals there on Thursday.
Firstly, Shell bid for a cargo of 100,000 tonnes loading from Baltic ports on June 30 - July 4 and was booked by Vitol at a discount of $2.40 a barrel to BFOE. Secondly, Shell took Trafigura's offer to sell a cargo loading on July 6-10 at a discount of $2.50 a barrel to BFOE, traders said. And finally Shell acted in the Mediterranean by taking Vitol's offer to sell 140,000 tonnes of Urals loading from Novorossiysk on June 28 - July 2 at a discount of $2.40 a barrel to BFOE, which was about 10 cents higher than the recent estimations for bigger cargoes loading from the port.
Traders said the deal level was quite strong, but the price difference between 80,000 tonne and 140,000 tonne cargoes decreased due to fewer remaining June barrels in the market and was around 80 cents now.
Premiums for Azeri light rose amid eager demand for the grade in the region. According to traders the premiums for late June-loading and July-loading cargoes were in a wide range of $1.10-1.60 a barrel to BFOE.
Azeri light cargoes loading in the second half of July were around a premium of $1.50-1.60 a barrel.
According to traders Croatia's Ina awarded a tender to buy 85,000 tonnes of Azeri light to Socar for delivery to Omisalj on July 4-8. Also Turkey's TPAO sold a 135,000 tonne cargo of Azeri light loading from Ceyhan on July 18-20 in a spot tender to Total, traders said.
There were no bids or offers on Azeri light or CPC Blend in the Platts window on Thursday, traders said.
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