Med crude-Urals diffs stable, CPC Blend diffs down on weak demand
Urals crude differentials to dated Brent were steady on Friday while CPC Blend oil values weakened on low demand for December volumes of the grade.
Traders tried to evaluate December supplies of Urals oil as the full loading plan hasn’t emerged yet, while most expected exports to fall amid high refinery runs planned in Russia.
Russian Urals oil prices were back below the $60 a barrel Western price cap on Friday as global benchmark Brent crude weakened, two traders said and Reuters calculations showed.
SOCAR offered 85,000 tons of CPC Blend oil loading on December 15-19 at dated Brent minus $1.85 per barrel, but failed to find a buyer, though the price level was well below recent estimates.
There were no bids or offers for Azeri BTC or Urals oil in the Platts window on Friday.
Czech Prime Minister Petr Fiala said on Friday he supported Slovakia’s request to continue exports of fuel produced from Russian oil to the Czech Republic beyond a Dec. 5 deadline.
Source: Reuters (Reporting by Reuters;Editing by Kirsten Donovan)