Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

 

In the Platts window, Vitol sold an 80,000-tonne cargo of Urals from Novorossiisk on Sept. 13-17 to Exxon at dated Brent minus $0.85 a barrel on a DES basis, traders said.

 

That was 15 cents below the latest price estimates for the grade.

 

Before the window Vitol offered a very prompt Aframax of Urals crude for loading Sept. 3-4 down to dated Brent minus $1 a barrel, but found no buyer and withdrew its offer.

 

There were no bids or offers for Urals from Primorsk and Ust-Luga.

 

In tender news, Russia's Surgut sold four cargoes of Urals in the Baltic in September at around dated Brent minus $1.70-$1.75 a barrel, after adding freight to the original FOB price.

 

In Primorsk, Litasco won the right to lift a 100,000-tonne cargo of Urals for loading on Sept. 14-15, while Shell was awarded with a cargo from the same port on Sept. 17-18.

 

In Ust-Luga Total and Glencore (GLCNF) received one cargo each for loading on Sept. 14-15 and 17-18 respectively, traders said.

 

In lighter grades, no activity was seen for Azeri Light and CPC Blend in the Platts window or before the public trading session, traders said.

 

"At least 10 or 11 CPC Blend cargoes left (unsold) in September, which is above normal," a trader in the Med said.