Med crude-Urals diffs stable in muted trade
Urals crude differentials to dated Brent kept stable on Friday in muted trade, while a potential decline in Russian oil products exports for both September and October loading remained in focus.
Russia’s fuel export ban will last as long as necessary to ensure market stability, a spokesman for the Kremlin told reporters on Friday.
Oil prices were little changed on Friday, but were set to end a three-week rally on profit-taking and as markets weighed supply concerns stemming from Russia’s fuel export ban against demand woes from future rate hikes.
No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Friday, traders said.
Russian oil pipeline company Transneft has stopped export shipments of diesel fuel from the Primorsk and Novorossiysk ports.
Russian Deputy Prime Minister Alexander Novak discussed the fuel market with Russian oil company managers on Friday.
Russian wholesale gasoline Ai-92 grade prices lost almost 10% on Friday, according to exchange data, following a government ban on fuel exports.
Source: Reuters (Reporting by Reuters;)