13 February 2019, News Wires — Urals crude oil differentials in northwest Europe strengthened for a second day on Tuesday in response to Shell’s purchases of March-loading cargoes.
PLATTS WINDOW
* Shell bought from Glencore 100,000 tonnes of Urals for loading between March 5-9 from Primorsk or Ust-Luga at dated Brent minus $0.15 a barrel.
* On Monday, Shell bought a similar cargo from Glencore for March 4-8 loading at minus $0.25 a barrel.
* There were no bids and offers for Urals, CPC Blend and Azeri BTC in the Mediterranean on Tuesday.
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* Brent’s premium to Dubai fell to its lowest in more than eight years and kept the arbitrage window for Atlantic Basin crude to Asia wide open.
* The narrow spread is expected to boost Asia’s demand for crudes produced in the Atlantic Basin that are priced off Brent.
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Reuters