September 3, 2019 / 4:53 PM / 15 days ago

Med Crude-Urals diffs down on abundant supply, weak margins

MOSCOW, Sept 3 (Reuters) - Urals crude differentials to dated Brent in northwest Europe fell on Tuesday as sellers placed September cargoes at the lowest levels since end-June in Baltic ports.

* Cargoes loading from the Black Sea's Novorossiisk fell to discount against dated Brent for the first time since mid-July. BFO-URL-E BFO-URL-NWE

* Weak margins and high supply of Urals in Baltic ports weighed on the grade's values, traders said.

* Urals refining margins on Mediterranean refineries stayed around zero on Tuesday compared to $3.33 per barrel for the last 365 days on average, Refinitiv Eikon data showed.

* In Mediterranean Urals differentials eased along with values for the grade loading from Baltic ports and were estimated at a small discount to dated Brent, traders said. Most of the September cargoes loading from the Black Sea's Novorossiisk were placed, they added.

PLATTS WINDOW

* Trafigura sold 100,000 tonnes of Urals for Sept. 21-25 loading from Primorsk to Unipec at minus $1.85 a barrel to dated Brent.

* Litasco sold 100,000 tonnes of Urals loading from Primorsk for Sept. 15-19 at minus $2.10 a barrel to dated Brent also to Unipec.

* Glencore sold 100,000 tonnes of Urals loading from Primorsk on Sept. 14-18 loading at minus $2.05 a barrel to dated Brent to Shell.

* Deals levels were some 20-50 cents per barrel lower than on Monday.

* There were no bids or offers for Urals in the Mediterranean, nor CPC Blend or Azeri BTC in the Platts window on Tuesday.

NEWS

* The operator of the Polish section of the Druzbha oil pipeline said on Tuesday that it could take up to a year to completely clean its part of the network after a major Russian oil contamination this year, the RIA news agency reported.

* Venezuela's oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation's second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions. (Reporting by Olga Yagova; editing by Emelia Sithole-Matarise)

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