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Med Crude-Urals firm in North on post-maintenance demand
2012年10月18日 / 下午5点45分 / 5 年前

Med Crude-Urals firm in North on post-maintenance demand

LONDON, Oct 18 (Reuters) - Spot differentials on Urals crude
in Northwest Europe firmed on Thursday on rising demand due
partly to the forthcoming return of refineries from maintenance.
    In the Platts window, Total bid up to dated Brent minus 95
cents for a 100,000 tonne cargo of Urals in the Baltic for
loading Oct. 28-Nov. 1. No offers emerged, and the Mediterranean
stayed quiet with differentials remaining weaker than in the
    Only a few third-decade November cargoes of Algerian
naphtha-rich Saharan Blend were still available, mainly with
state-owned Sonatrach, but one equity seller was still thought
to have a cargo, traders said. 
    "Saharan is trading well ahead of normal trading cycle for
October and November barrels," a trader said.
    The market is facing competing tendencies on sweet crudes.
On the one hand, the end of maintenance means increased demand,
but in terms of margins gasoline and naphtha are expected to
drop further as refineries ramp up runs to take advantage of a
tight diesel and gasoil market in the trans-Atlantic basin.  
    "You look at margins, you get bearish. You look at demand
figures from refineries completing maintenance and you get
bullish," the trader said. 
    Recent tenders revealed an increased flow into Europe of
Iraqi Basrah Light, which is priced lower than Russian Urals in
the Mediterranean, another trader said.
   Egyptian state oil company EGPC awarded a crude oil tender
earlier this week. The winners were Shell, Petraco and JP
Morgan, another trader said, to supply 4 million barrels of
Iraqi Basrah Light. 
    Turkish refiner Tupras awarded a tender to Unipec on Monday
for a cargo of Basrah Light for Oct. 22-23 arrival. Tupras has
been regular buyer of Basrah Light of late, a grade it uses to
make up for lower Iranian crude purchases.

 (Reporting by Julia Payne; editing by Jane Baird)

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