Med crude-Urals diffs ease in the Baltic, CPC Blend diffs down

MOSCOW: Urals crude oil differentials in northwest Europe eased to dated Brent on Friday, while the discount for CPC Blend continued to widen due to ample oil supplies in the European market.

Urals sellers tried hard to place remaining June cargoes, but buyers awaited more generous discounts and demand was low.

Urals loading dates for the first days of July were yet to be released. Traders expected them on Monday.

PLATTS WINDOW

In the Platts window Norway's Equinor tried to sell 100,000 tonnes of Urals crude oil for loading from Primorsk or Ust-Luga on June 24-28 at dated Brent minus $1.95 a barrel, 10 cents a barrel lower than its offer on Thursday, but failed.

In the Mediterranean market Glencore offered 80,000 tonnes of Siberian Light crude loading from Novorossiisk on June 25-29 at dated Brent minus $0.20 a barrel, but failed to find a buyer.

Austria's OMV offered 90,000 tonnes of CPC Blend crude oil loading from Yuzhnaya Ozereyevka on July 4-8 at dated Brent minus $2.55 a barrel, but failed to find a buyer.

SOCAR also offered 85,000 tonnes of CPC Blend crude oil loading from July 5-9 at dated Brent minus $2.50 a barrel, but buyers were not interested.

There were no bids or offers for Urals cargoes ex-Novorossiisk or Azeri BTC crude in the Platts window.

NEWS

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