Med crude-Urals diffs edge higher in Baltic on strong demand

15 Nov, 2018

* In the Platts window, Gunvor bid for a Urals cargo loading from Baltic ports on Nov. 27-Dec. 1 to dated Brent plus $0.15 a barrel, where Shell decided to sell the cargo, traders said.

* The deal level was 5 cents a barrel higher than the deal made in the window on Wednesday.

* Urals differentials in the Baltic are trading at a premium to dated Brent for the first time since 2013.

* Low availability of sour crude oil grades in the region and good diesel margins supported Urals in the Baltic, along with expectations of low exports in December, traders said.

* The Urals loading plan for the first days of December hasn't been released yet, which kept companies from active trading. Market participants expect it to be out on Friday.

* Russian grade cargoes loading from the Black Sea's Novorossiisk were still estimated at a discount of 30-40 cents a barrel to dated Brent as demand for Urals in the Mediterranean was weaker.

* There were no bids or offers for Urals loading from Novorossiisk, CPC Blend or Azeri BTC crude oil, traders said.

Copyright Reuters, 2018
 

 

 

 

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