March 17, 2020 / 6:28 PM / 23 days ago

Med crude-Urals diffs ease on weak demand

MOSCOW, March 17 (Reuters) - Urals differentials eased on Tuesday as sellers unsuccessfully tried to place their cargoes loading at the end of March or early in April, while loading plans for the first days of the next month suggested higher loadings.

* Urals loading plan for April 1-5 from Russia’s ports showed a 25% rise in exports over the period compared to March.

PLATTS WINDOW

* Trafigura offered Urals cargo loading from Primorsk or Ust-Luga on March 30-April 3 at dated Brent minus $3.35 per barrel, but failed to find a buyer.

* Glencore offered 100,000 tonnes of Urals loading from Baltic ports on April 4-8 at dated Brent minus $3.70 per barrel.

* Glencore also offered a cargo loading on March 27-31 at dated Brent minus $3.80 per barrel, but failed to find a buyer.

* Shell offered 100,000 tonnes of Urals ex-Baltic ports on March 31-April 4 at dated Brent minus $3.25 per barrel, but nobody was interested.

* Total offered Urals cargo for loading on March 28-April 1 at dated Brent minus $3.30 per barrel, but also failed to find a buyer.

NEWS

* The CPC pipeline, essential to ship 1.4 million of light Caspian barrels per day (bpd) to the Mediterranean markets, is facing a shareholder standoff after its board was dissolved, potentially hitting further expansion plans, three sources said.

* Refineries that usually rejoice at falls in the price of crude as a way to boost profits are instead contemplating extensive maintenance and slowing their output as travel restrictions destroy demand.

* Trading house Glencore has chartered the 3 million barrel crude carrier ‘Europe’ to store oil at sea for at least 6 months, trading sources on Tuesday. (Reporting by Olga Yagova; editing by Nick Macfie)

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