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Med Crude-Urals stronger as volumes thin, refinery runs rise
2012年10月4日 / 下午5点28分 / 5 年前

Med Crude-Urals stronger as volumes thin, refinery runs rise

LONDON, Oct 4 (Reuters) - Russian Urals crude strengthened
on Thursday as traders cited scarce remaining barrels from the
October programme and increased refining runs in Russia and
Europe.
    "I think the market will tighten for November-December as
refiners come back on stream in Russia, so you would see less
barrels for exports," a trader with a major said.
    "Germany and Poland will continue buying more crude from the
sea to compensate for lower supplies along the Druzhba pipeline,
which will also give the market some support," he added.
    In the Platts window, Eni bid for a 80,000-tonne end-October
cargo of Urals at dated Brent minus $1.35, some 25 cents
stronger than bids earlier this week, traders said.
    Traders pointed to Urals swaps as also indicating some
tightening with the grade seen trading at stronger than minus $1
in November.
    One trader with a major said that also supporting the market
was information about an Asia player collecting volumes for a
very large crude carrier (VLCC) to be sent to Asia in coming
weeks.
    A major Asian player said such a possibility existed but 
had become less likely since the grade strengthened over the
past week.
    In Russian refining news, oil processing at Saratov oil
refinery, owned by Anglo-Russian company TNK-BP, was
suspended on Thursday after it caught fire. 
    Azeri Light crude was seen to trade stronger at dated Brent
plus $2.30 after weakening to as low as plus $2.05 a barrel
earlier this week.
    Urals and Azeri margins have now remained at very healthy
levels for a number of weeks.
    Europe is seeing a supply crunch in gasoil and diesel due to
refinery maintenance, a factor that will underpin prices even if
crude falls, weighing on the region's struggling economy. 
 
    Kazakhstan plans to begin processing some of its crude oil
in China this year to make up for a shortfall in domestic
refining capacity, a senior official said on Thursday.
 
    On Wednesday, Saudi Arabia released its official selling
prices for November crude with a rise in prices for Asian and
U.S. buyers and cuts for European customers. 
    "In Europe, the lower OSPs tracked the market for Russian
Urals which has come under pressure following the end of peak
replacement requirements for Iranian crude as well as higher
inflows from Iraq," JBC Energy said on Thursday.
    "The higher prices for U.S. customers, especially for
lighter grades are a little surprising given the region's higher
availability of lighter crude from expanding shale plays and may
suggest an intention by Aramco to redirect flows away from the
U.S.," JBC added.

 (Reporting by Dmitry Zhdannikov and Gleb Gorodyankin; editing
by Anthony Barker)

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