LONDON: The differential for Russian Urals edged lower in the Mediterranean on Tuesday on the expectation of larger supplies from the Black Sea port Novorossiisk in November.
The price of CPC Blend held steady at its lowest level since end-August following a deal in the trading window.
Glencore sold a cargo of Kazakh CPC Blend to Petraco at dated Brent minus 90 cents a barrel, loading Oct. 27-31.
Hurricanes that hit North America pushed up CPC, a light grade, in early September due to the related gasoline margin spike but for the last month, the differential has been falling steadily due to record high exports.
In the Mediterranean, Trafigura sold an 80,000 tonne cargo of Urals to Litasco at dated Brent minus 65 cents, loading Nov. 2-6.
Trafigura also offered a 140,000 tonne cargo of Urals at dated Brent minus $1.05 a barrel, loading Nov. 6-10.
In Northwest Europe, Shell offered a Urals cargo at dated Brent minus $1.70 a barrel, loading Oct. 27-31. Vitol offered a cargo at dated Brent minus $1.30 a barrel, loading Oct. 30-Nov. 3 and Marsa offered a cargo at dated Brent minus $1.40 a barrel, loading Oct. 30- Nov. 3.
The Urals swap in the Mediterranean was at dated Brent minus 60 cents a barrel and in northwest Europe at dated Brent minus $1.00, according to a swaps broker.
Traders said that offers for Algeria's Saharan Blend were around dated Brent plus 50 cents a barrel.
Russia's Surgutneftegaz issued a sell tender closing on Oct. 18 for two 100,000 tonne cargoes of Urals, loading Nov. 1-2. One will load from Primorsk and the other from Ust-Luga.
Hellenic Petroleum closed a tender for a cargo of Kazakh CPC Blend but details of the winner did not immediately emerge.
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