September 6, 2019 / 3:59 PM / 15 days ago

Med crude-Urals differentials ease further in Baltic

MOSCOW, Sept 6 (Reuters) - Urals differentials to dated Brent eased further in northwest Europe on Friday as September cargoes traded at weaker prices due to sluggish demand.

* A number of Urals cargoes loading from Baltic ports in September were on sale, but buying interest was somewhat low, traders said.

* Urals refinery margins improved slightly to $1.60 per barrel, but remained weak compared to the average for this year of $3.29 per barrel, Refinitiv Eikon data showed.

PLATTS WINDOW

* Trading firm Glencore sold 100,000 tonnes of Urals loading from Primorsk on Sept. 19-23 at dated Brent minus $2.20 per barrel to France’s Total. The level was 20 cents per barrel lower than recent estimates.

* Austria’s OMV offered 85,000 tonnes of CPC Blend loading from Yuzhnaya Ozereyevka on Sept. 23-27 at dated Brent minus $1.15 per barrel, but failed to place the cargo and withdrew.

* There were no bids or offers for Urals crude loading from the Black Sea’s Novorossiisk or Azeri BTC, traders said.

NEWS

* Oil producers and their suppliers are cutting budgets, staff and production goals amid a growing consensus of forecasts that oil and gas prices will stay low for several years.

* Oil major BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalise on growth in the world’s key demand region. (Reporting by Olga Yagova; Editing by Dale Hudson)

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