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Med Crude-Urals slips further on high loadings for October
September 25, 2012 / 4:05 PM / 5 years ago

Med Crude-Urals slips further on high loadings for October

MOSCOW, Sept 25 (Reuters) - Russian Urals crude extended its slide on Tuesday after the world’s largest oil producer released a preliminary loading programme for October showing plentiful supply.

The loadings showed that oil exports will rise steeply from the country’s main Black Sea port while falling only slightly from the Baltic.

The Black Sea port of Novorossiisk will export 3.5 million tonnes in October, more than 25 percent more than the 2.7 million tonnes this month.

Combined shipments from the two main Baltic ports of Primorsk and Ust-Luga will slip to 7.7 million tonnes from 7.9 million, the schedule showed.

“Supplies are more than adequate. I would say they are even fat. Every buyer will have more than enough to choose from,” said a trader with a major.

“It also means the arbitrage (from the Baltic to the Med) could shut down completely,” a second trader said.

In the Platts window, Vitol continued to offer Urals in the Baltic and the Mediterranean but found no buyers, traders said.

It offered a Suezmax Oct. 5-9 cargo from Novorossiisk at dated Brent minus $1.60, some 20 cents weaker than on Monday.

In the Baltic, it offered an Oct. 5-9 cargo from Primorsk at dated Brent minus $1.2 a barrel, some 55 cents stronger than on Monday. The port will load only three cargoes during Oct. 9-13 compared with usual loadings of two cargoes per day. (Reporting by Dmitry Zhdannikov and Gleb Gorodyankin; Editing by Anthony Barker)

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