Med Crude-Urals slips in NWE as ample supplies weigh

MOSCOW: Urals crude differentials to dated Brent in northwest Europe lost 45 cents a barrel on Tuesday in active trade after Russia topped up its oil export plan for Baltic Sea ports in April, trading sources said.

Oil loadings from Russia's Baltic Sea ports will rise to 6.8 million tonnes in April after Rosneft increased it planned exports of Urals crude from Primorsk by 200,000 tonnes on April 25-26 and 27-28, sources said on Monday.

Rosneft will also load 100,000 tonnes of Urals from Ust-Luga on April 20-21 on top of the initial loading plan, while Gazpromneft has cancelled its loading slot in Primorsk on April 23-24, traders said.

Rosneft's Tuapse refinery has advised Russia's transport monopoly Transneft that the crude oil intake suspension at the plant will continue until end of April, the Interfax news agency said.

Rosneft's Syzran refinery has limited crude oil intake for three days, Interfax cited Transneft as saying.

PLATTS WINDOW

Trafigura sold to Total 100,000 tonnes of Baltic Urals for April 21-25 loading at plus $0.10 a barrel. That was down by 40 cents from Monday estimates for the grade.

Glencore sold to Shell a similar cargo for April 19-23 loading at dated Brent flat.

Trafigura offered 100,000 tonnes of Baltic Urals for April 28-May 2 at a premium of $0.25 a barrel, but withdrew.

There were no bids or offers for Urals, Azeri BTC, CPC Blend and Siberian Light in the Mediterranean.

Oil slipped from a five-month high above $71 a barrel as Russian comments signalling the possible easing of a supply-cutting deal with OPEC countered concern that violence in Libya could further tighten global markets.

President Vladimir Putin said Russia and OPEC should discuss the future of their oil output-cutting deal later this year, adding that current oil prices suited Moscow.

The Libyan state oil firm NOC met oil operating firms to discuss security at oilfields and allow production to continue, a company statement said.