Moscow — Urals differentials eased in northwest Europe against dated Brent after active trade on Friday as the preliminary loading plan showed a significant rise in Urals loadings planned for next month.
Russia is expected to export 6.4 million tonnes of Urals oil from Baltic ports in April, compared with the March plan of 6.3 million tonnes, which means a 5 percent rise month-on-month on a daily basis.
Urals loading plan from Novorossisk was yet to be released. Traders expect it to be out on Monday.
A number of deals were done in the Platts window after the loading plan was out, traders said.
Litasco bought from Trafigura 100,000 tonnes of Urals loading on Apr. 1-5 from Baltic ports at dated Brent minus $0.85 a barrel, traders said.
Italy’s Eni purchased a similar cargo from Glencore at dated Brent minus $0.80 a barrel.
At the same time Total purchased a cargo loading on Apr. 7-11 from Litasco at dated Brent minus $0.60 a barrel, traders said.
Shell bid for a cargo loading on Apr. 12-16 at dated Brent minus $0.65 a barrel, but sellers didn’t step forward.
Trafigura tried to sell a cargo loading on Apr. 5-9 at dated Brent minus $0.55 a barrel, but failed to find a buyer.
At the same time Surgutneftegaz awarded on Friday a spot tender to sell two Urals cargoes loading from Ust-Luga early in April at dated Brent minus 50-60 cents a barrel to Shell and Gunvor.
The tender had closed earlier on Friday, before the preliminary loading plan for April was out, which could explain firm tender results, traders said.
On Caspian grades, CPC Blend differentials weakened lower demand for the grade.
In the Platts ExxonMobil offered a 90,000-tonne cargo down to a discount of $2.10 a barrel, when Vitol agreed to purchase a cargo. The price level of the deal was some 40 cents lower than the recent estimates.
There were no bids or offers for Urals loading from Novorossiisk or Azeri BTC crude oil in the Platts window on Friday.