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Med crude-Urals weakens to 2-month low in Baltic
August 21, 2012 / 4:32 PM / 5 years ago

Med crude-Urals weakens to 2-month low in Baltic

MOSCOW, Aug 21 (Reuters) - Russian Urals crude weakened to a two-month low in the Baltic on Tuesday after fresh loading dates for September showed plentiful supplies from the world’s largest oil producer.

New loading dates from Russian ports of Primorsk and Ust Luga in the Baltic and Novorossiisk on the Black Sea emerged on Tuesday showing supplies in the first 10 days of September will be healthy.

Primorsk will load 22 cargoes between Sept 1-11 and Ust Luga will load 6 cargoes between Sept 1-10. Novorossiisk will load seven 80,000-tonne cargoes and four 140,000-tonne stems until Sept 11. It will load no crude only during Sept 6.

In the Platts window, Vitol offered an Aug 31-Sept 1 Urals cargo from Primorsk at dated Brent minus 80 cents, the lowest level since the end of June, but found no buyers, traders said.

China Oil was also offering a Sept 1-5 cargo from Ust Luga but didn’t go below dated Brent minus 45 cents.

There was no activity in the Urals market in the Mediterranean on Tuesday and traders said if the spread with the Baltic remained at around $1 per barrel it could trigger arbitrage operations with oil sailing from Europe’s north to the south.

Surgut tendered to sell two cargoes of Urals from Primorsk for Sept 7-8 and 10-11 delivery, with results due on Aug 22. Surgut awarded its previous tender for two cargoes to Total and one to Shell.

September loading Libyan cargoes have already started trading, several traders said. Deals were done at 20 to 30 cent premiums above the September official selling prices (OSP), one party in the deals said, even though OSPs are still not out. (Reporting by Dmitry Zhdannikov and Julia Payne; editing by James Jukwey)

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