November 26, 2019 / 5:38 PM / 11 days ago

Med crude-Urals diffs down in Baltic as Surgutneftegaz awards 8 Dec cargoes

MOSCOW, Nov 26 (Reuters) - Urals differentials fell against dated Brent on Tuesday again as Russia’s Surgutneftegaz made a big sale and placed eight cargoes of the grade at once.

* The producer in a tender on Tuesday sold 800,000 tonnes of Urals crude oil loading from Russia’s Baltic ports in December at discounts from $1.60 to $2 against dated Brent.

* On Monday Surgutneftegaz awarded December Urals cargo loading on Dec. 12-13 at dated Brent minus $1.40-1.50 per barrel.

* Trading firms Glencore and Litasco, Total and Shell were the winners of Tuesday’s Surgutneftegaz tender, traders said.

* High volume offered by Surgutneftegaz put pressure on the price of awarded cargoes, market participants said.

* Weak refining margins and higher supplies planned for November weighed on Urals differentials in northwest Europe.

* In Mediterranean Urals supply is planned short for December and traders expect active arbitrage shipments of Urals from the Baltic to Mediterranean to fill the gap.

PLATTS WINDOW

* Trading firm Trafigura offered 100,000 tonnes of Urals loading from Baltic ports on Dec. 13-17 at dated Brent minus $1.70 per barrel, but failed to find a buyer and withdrew.

* There were no bids or offers for Urals loading from the Black Sea’s Novorossiisk, CPC Blend or Azeri BTC in the Platts window on Tuesday.

NEWS

* Oil and gas condensate output from Kazakhstan’s giant Kashagan project has more than halved from early November levels due to unplanned maintenance that started last week, two industry sources told Reuters on Tuesday.

* Production at the facility stood at 184,000 barrels per day (bpd) as of Nov. 25, the sources said, down from 400,000 bpd at the start of the month.

* Russia’s energy ministry and Russian oil producers will meet at the end of this week to discuss the OPEC+ deal, TASS news agency reported on Tuesday, citing an unnamed source.

* An overhaul of Bosnia’s sole oil refinery Brod could be completed in mid-2020, past the previous plans, a regional energy minister said on Tuesday, dismissing speculation that the debt-laden plant might be closed down. (Reporting by Olga Yagova; Editing by Emelia Sithole-Matarise)

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