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Med Crude-Urals rally resumes, CPC Blend diffs up

Med Crude-Urals rally resumes, CPC Blend diffs upMOSCOW: Urals crude differentials in northwest Europe and the Mediterranean firmed again on Tuesday on sold demand, attractive margins and limited supply of the grade.

There were no bids and offers for Urals in the Platts window.

OMV bid for 85,000 tonnes of CPC Blend for Sept. 18-22 loading up to minus $1.05 a barrel, but found no seller.

Russia’s Surgutneftegaz sold in a spot tender 340,000 tonnes of Urals crude in September above recent estimates for the grade, traders said.

The company awarded two 100,000-tonne cargoes of Urals from Primorsk and Ust-Luga for Sept. 12-13 and 13-14 loading at a discount of some $0.35-$0.45 a barrel to dated Brent, when adding freight to original FOB differential.

The cargo from Primorsk was sold to Mitsubishi, buying on behalf of Glencore, while the second parcel was also awarded to Mitsubishi, several sources said, although this could not be confirmed.

Surgut also sold Urals Suezmax from Novorossiisk for Sept. 10-11 loading to Tafigura at around minus $0.65-$0.75 a barrel to dated Brent on CIF August basis.

On the same day Surgut called another tender to sell 340,000 tonnes of Urals crude in September. The company offered two 100,000-tonne parcels of the grade from Ust-Luga on Sept. 17-18 and 22-23 and 140,000 tonnes from Novorossiisk on Sept. 18-19.

The tender closes on Aug. 29 at 1400 Moscow time (1100 GMT).

For the Urals crude final loading plan for Sept.

Copyright Reuters, 2018

Source: Brecorder

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