May 30, 2019 / 4:48 PM / 6 months ago

Med crude-Urals diffs unchanged in quiet trade

MOSCOW, May 30 (Reuters) - Urals differentials remained unchanged in quiet trade on Thursday day as sellers and buyers focused on the contamination issue that has affected the grade.

Russia’s oil transport monopoly Transneft has made it clear it will only compensate Russian producers and fellow pipeline companies while Western buyers should seek compensation from Russian suppliers.

Meanwhile, some 800,000 tonnes of contaminated Urals remains onboard vessels around northwest Europe, according to traders and Refinitiv Eikon data.

Organic chloride content in Urals loading from Ust-Luga has neared normal levels of 1-2ppm, traders said, but cargoes still traded at a discount to Urals loading from Primorsk, they added.

PLATTS WINDOW

In the Platts window SOCAR offered 650,000 barrels of Azeri BTC loading from Ceyhan on Supsa on June 17-21 at dated Brent plus $2.60 a barrel, traders said, but failed to find a buyer. Recent estimates were some 10 cents a barrel higher.

There were no bids or offers for Urals and CPC Blend crude oil in the Platts window, traders said.

NEWS

Top oil exporter Saudi Arabia is expected to raise prices for all crude grades it sells to Asia in July for a third straight month after Middle East crude benchmarks jumped, trade sources said.

Oil exports from Iraq’s southern ports on the Gulf have risen to 3.454 million barrels per day (bpd) so far this month, two oil officials told Reuters.

Reporting by Olga Yagova, editing by David Evans

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