Moscow — Urals crude differentials to dated Brent in northwest Europe slipped further on Monday as sellers were struggling to offload September cargoes in weak market, traders said.
Maintenance at Swedish company Preem’s oil refinery has put additional pressure on Urals differentials in September, they added.
Russian oil production in August rose to 11.29 million barrels per day (bpd), topping the rate Moscow has pledged to cap output at under a pact with other producers and hitting its highest since March, data showed on Monday.
PLATTS WINDOW
* Trafigura sold 100,000 tonnes of Urals from Primorsk to Gunvor for Sept. 17-21 loading at minus $1.60 a barrel to dated Brent, some 60 cents down from Friday’s estimations.
* Litasco offered 100,000 tonnes of Urals from Primorsk for Sept. 15-19 loading down to minus $1.65 a barrel to dated Brent.
* Glencore offered 100,000 tonnes of Urals from Primorsk for Sept. 19-23 loading at minus $1.55 a barrel to dated Brent.
* There were no bids or offers for Urals in the Mediterranean, nor CPC Blend or Azeri BTC in the Platts window on Monday.
RELATED NEWS
* CPC Blend crude oil exports from the Black Sea terminal Yuzhnaya Ozereyevka have been revised down to 4.97 million tonnes in September from 5.14 million tonnes in the preliminary schedule.
* ESPO Blend crude oil’s loading plan from Russia’s Pacific port of Kozmino was set at a monthly record of 3.12 million tonnes in October, compared to 2.4 million tonnes in September, according to the loading schedule seen by Reuters.
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- Reuters
