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Monday, May 21, 2018

Urals News

Med Crude-Urals Weakens to Cheapest in over a Year

Russian Urals prices in the Mediterranean fell to their weakest in over a year on Tuesday, reflecting poor refining margins and an abundance of cheap alternative grades, although traders still expect a recovery if Russian exports fall in June. "Urals margins have been weak for a long time and now they have just gone negative. Everyone was expecting some strength in May but the market has gone in the opposite direction. I have some, but not much, hope of a big strengthening in June," a Urals dealer with a trading house said. "There is a May Urals cargo overhang. Some alternative grades such as Azeri and CPC have been trading weakly recently," said a trader with a major. "As soon as the backlog clears and June dates begin to emerge, I expect some strengthening".

Glencore Sells Russian Blend to Chevron for U.S. Delivery

Swiss-based trader and miner Glencore has sold 100,000 tonnes of Urals for loadings from Primorsk on Jan. 16-17 to Chevron for delivery to the US Gulf Coast, traders said, making a return to the United States after a four-year hiatus. Glencore originally bought the cargo from Russia's Rosneft under a five-year pre-finance agreement, according to the traders. Rosneft declined to comment. Glencore does not typically comment on its trading deals. The cargo had been loaded from the Baltic Sea port of Primorsk on the vessel called Sparto, port agents' data shows. Sparto was heading to Skagen in Denmark, where it would be re-loaded onto another tanker for shipment to the United States, traders said.

Russia's Seaborne Urals Exports Seen Down in April

Russia's Urals crude exports and transit from the Baltic Sea ports and Novorossiisk are set to fall in April by 2.5 percent on a daily basis to 8.14 million tonnes from 8.623 million tonnes in March, a preliminary loading plan showed on Tuesday. According to the schedule, Russian oil supplies from the Baltic ports will rise by 6 percent on a daily basis due to higher volumes coming out of Primorsk. Russia is due to export 3.995 million tonnes of Urals crude from Primorsk in April compared with 3.5 million tonnes in the final loading plan for March. It will export and transit 2.2 million tonnes of Urals from Ust-Luga in April, down from 2.538 million tonnes in March.

Russia to Increase Q2 Baltic Urals Shipments

Russia is set to increase Urals exports and transit from its Baltic Sea ports by 0.7 million tonnes to 19.9 million tonnes in the second quarter, an export schedule showed on Thursday. According to the schedule, Urals shipments from the Black Sea port of Novorossiisk are set to fall to 7.55 million tonnes, down from 7.9 million tonnes in the previous quarter. Reporting by Gleb Gorodyankin and Olga Yagova

Russia Tops up Urals Oil Exports from Baltic Sea

Russia will ship an extra 100,000 tonnes of Urals crude oil from the Baltic Sea port of Primorsk in April, bringing total shipments from that port to 4.6 million tonnes, according to a schedule seen by Reuters on Friday.   The extra cargo will be shipped by Rosneft on April 20-21.   This will increase total Urals oil supplies from the Baltic Sea to 7.1 million tonnes next month - the highest monthly figure since October 2013. (Reporting by Olga Yagova; writing by Vladimir Soldatkin; Editing by Alexander Winning)

Med Crude-Urals Stronger in Baltic as Surgut Sells Cargoes

Russian Urals crude price differentials strengthened in the Baltic in a spot tender on Tuesday after loading schedules confirmed scarce export volumes for May. There was no deals in the Platts window, traders said while adding that trader Talmay won spot tenders by oil firm Surgut to lift two cargoes of Urals loading at the Baltic port of Ust-Luga. The price for cargoes loading on May 15-16 and 21-22 was pegged at around dated Brent minus 85-90 cents a barrel, when adding freight to the original FOB-basis price, some 20-25 cents stronger than previous price estimates. Talmay was believed to have resold barrels to China's Unipec, traders added. On Monday, a loading schedule for Russian Baltic Sea ports showed the total number of cargoes dropping to 53 in May from 62 in April.

Urals Oil Exports From Baltic Ports to Fall in June

File photo: NCSP Group

Russia's June Urals crude exports from the Baltic Sea ports are expected to fall by 15 percent compared with May on a daily basis to 5.51 million tonnes, a preliminary loading plan seen by Reuters showed on Thursday. Crude loadings from the port of Primorsk were set to fall by 30 percent to 2.71 million tonnes due to planned works on Baltic pipeline system. Supplies from the neighbouring Ust-Luga port are set at 2.8 million tonnes, up 100,000 tonnes from the May loading plan.

Unipec Books Two Large Cargos to Take Urals to Asia

China's Unipec is taking two very large crude carriers with around 4 million barrels of Urals crude to Asia in a move to support Russia's main export grade, traders said on Thursday. Traders said Unipec had booked two VLCCs - Front Tina and British Vintage - and will fill it with the Russian crude after actively buying smaller cargoes in the Platts window in recent days. On Thursday, Unipec bought a 100,000 Urals tonnes cargo from Eni in the Baltic at dated Brent minus $1.45 a barrel for Sept 25-29 delivery, traders said. Unipec has become one of the most active players in the Urals market in recent years. The company used to take most…

Med Crude-Russian Urals Weakens in Mediterranean

Russian Urals crude weakened in the Mediterranean on Monday and paper swaps showed potential for the grade to lose further ground in August. In the Platts window, Litasco offered an 80,000 tonne cargo in the Mediterranean at dated Brent minus 65 cents, some 20 cents weaker than previous price estimates, but found no buyers, traders said. Urals August swaps showed prices could weaken to dated Brent minus 60 to 75 cents in the Mediterranean and by some 10-15 cents in the Baltic from the current levels of dated Brent minus $1.20-1.30 a barrel. "It looks like August could be similar or slightly shorter than July in terms of volumes. So prices will most likely remain range-bound," said a trader with an oil major.

Russia's Urals Export Higher from Baltic, Down from Novo

Russia is seen increasing its exports of Urals crude oil from its Baltic ports in August, while shipments from Novorossiisk on the Black Sea are expected to decline, a preliminary loading schedule showed on Friday. On the Baltic, Urals exports from Primorsk are expected to rise to 3.3 million tonnes from 2.9 million tonnes this month, while the neighbouring port of Ust-Luga is seen handling 2 million tonnes of Urals next month, up from 1.9 million tonnes in July. Exports from the Black Sea port of Novorossiisk are seen at 2.09 million tonnes in August, down from 2.18 million in July.   (Reporting by Natalia Chumakova)

Urals Weakens in Med, Baltic as Sept Cargoes Emerge

Russian Urals crude weakened further on Monday in the Mediterranean and the Baltic under pressure from abundant supplies and as oil firms began to tender fresh September supplies. In the Platts window, Tenergy sold a cross-month Urals cargo in the Mediterranean to Eni at dated Brent minus $1 per barrel, some 20 cents weaker than previous price estimates, traders said. In the Baltic, Glencore offered a cross-month cargo at dated Brent minus $1.60, some 10 cents weaker than previous price estimates, but found no buyers, traders said. Azeri was also under pressure as a cargo was heard having changed hands at levels weaker than dated Brent plus $2 per barrel. "Supplies are plentiful.

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said. In the Platts window, Vitol sold an 80,000-tonne cargo of Urals from Novorossiisk on Sept. 13-17 to Exxon at dated Brent minus $0.85 a barrel on a DES basis, traders said. That was 15 cents below the latest price estimates for the grade. Before the window Vitol offered a very prompt Aframax of Urals crude for loading Sept. 3-4 down to dated Brent minus $1 a barrel, but found no buyer and withdrew its offer. There were no bids or offers for Urals from Primorsk and Ust-Luga.

Gunvor Emerges as Winner in Rosneft's Jumbo Oil Tender

Trading house Gunvor, which has been selling assets in Russia, has again emerged as the winner of a semi-annual Rosneft tender, traders said on Tuesday.   They said Gunvor would lift from 200,000 tonnes to 500,000 tonnes of Russian Urals crude per month from the Baltic Sea port of Primorsk in October-March.   Rosneft declined to comment. The traders said that the company has not officially sent the tender results to the winners.   Traders also said that Chinese Unipec would lift 140,000 tonnes of Urals from the Black Sea port of Novorossiisk.   The results of tender for 80,000-cargos were not immediately available.     (Reporting by Gleb Gorodyankin; writing by Vladimir Soldatkin)

Russian Liftings for Western Options at 12-Year Low

MOSCOW, Nov 25 (Reuters) - Exports of Russian crude oil to Western markets are set to fall by almost a third in December and reach a 12-year low as traders withhold cargoes to wait for lower duties from Jan. 1, a preliminary export programme showed on Tuesday. Total seaborne Urals crude exports are seen at 5.3 million tonnes next month, their lowest since February 2003, when they stood at 5.1 million tonnes. The decreasing volumes may bolster Russia's position in talks to persuade members of the Organization of the Petroleum Exporting Countries to cut its oil production to bolster prices, which fell by 30 percent from a June peak. According to the preliminary schedule…

Rosneft Awards 6-month Urals Crude Tender

Reuters - Russian state oil company Rosneft awarded its semiannual April-September jumbo Urals crude tender for delyvery from the Baltic Sea ports to Shell , Total and Eni, traders said on Tuesday. The majors will lift 100,000-metric-ton Urals cargos from the ports of Primorsk and Ust-luga after winning the six-monthly tender, the largest in Russia and among the world's biggest. All three majors will were granted cargoes from Primorsk, while vessels fron Ust-Luga were split between Total and Eni, industry sources said. Rosneft was selling between 9.24 million tonnes and 15.24 million tonnes of Urals crude oil for April - September loadings, up from 7.62-15.04 million metric tons in the previous tender.

Russian Baltic Oil Exports to Surge in New Year

Exports of Russian crude oil blend Urals will rise sharply in January from the Baltic Sea ports on the back of a government decision to cut export duties, a preliminary export schedule showed on Tuesday. Russia will raise crude oil exports from Primorsk to 3.6 million tonnes in January from 2 million tonnes in December. The neighbouring port of Ust-Luga will increase Urals exports to 2.2 million tonnes next month from 1.672 million tonnes scheduled for loading in December. A full January export schedule for the Black Sea port of Novorossiisk has yet to be released. (Reporting by Gleb Gorodyankin

Russia's Baltic Urals Exports Seen Rising in March

© Nightman1965 / Adobe STock

Russia's Urals crude exports from the ports of Ust-Luga and Primorsk are seen at 5.6 million tonnes in March compared to 5.0 million tonnes in the February plan, a preliminary loading schedule released on Wednesday showed Exports of Urals and Siberian light crude oil from the Black Sea port of Novorossiisk port are set at 2.3 million tonnes in March compared to 2.1 million tonnes in the February plan. Reporting by Ludmila Zaramenskikh; Writing by Maxim Rodionov

Med Crude-Urals Stronger in Med, Still Weak in Baltic

Russian Urals crude price differentials strengthened slightly on Tuesday in the Mediterranean while hovering near their weakest in 17 months in the Baltic due to abundant supplies. In the Platts window, Glencore offered a Nov 13-17 Urals cargo in the Baltic at dated Brent minus $3.05 a barrel and Vitol a Nov 15-19 cargo at minus $2.80, but found no bidders as the asking prices were seen as too ambitious, traders said. In the Mediterranean, Trafigura bid for a 23-27 Nov Aframax cargo at dated Brent minus $1.95 a barrel, some 30 cents stronger than previous price estimates. But its bid generated no interest as Vitol was seeking prices as strong as dated Brent minus $1.70 for a Nov 17-21 Aframax and dated Brent minus $1.85 for a larger Nov 18-22 Suezmax.

Russia to Reduce Urals Oil Exports from Baltic Ports

Russia will export 2.9 million tonnes of Urals crude oil from the Baltic ports of Primorsk and Ust-Luga on November 1-16, down 0.8 million tonnes from the same period of October, according to a preliminary schedule, seen by Reuters.   Russia will increase Urals and Siberian light oil exports from the Black Sea port of Novorossiisk by 0.36 million tonnes to 1.6 million for November 1-18, the schedule showed. (Reporting by Gleb Gorodyankin; writing by Denis Pinchuk; editing by Polina Devitt and Jason Neely)

Baltic Med Crude-Urals Weakens, Opens Arb Options

Russian Urals crude weakened in the Baltic on Wednesday due to a number of unsold cargoes while Kazakh CPC continued to strengthen due to a lack of sweet barrels. In the Platts window, Trafigura bought a cargo of Urals from Eni at dated Brent minus $1.30 a barrel, some 35 cents weaker than previous price estimates, traders said. Total bid for a cargo of CPC at dated Brent minus 40 cents, some 10 cents stronger than previous price estimates. The price of Urals in southern Europe moved closer to parity with dated Brent due to an absence of Iraq's Kirkuk crude, strong demand and attractive refining margins, traders said. Urals differentials in the Mediterranean were between minus 20 cents per barrel and parity with the North Sea benchmark, traders said Tuesday.

Med Crude Urals Weaken on April Cargo Overhang

Russian Urals crude weakened on Thursday in a flurry of deals as traders rushed to place end-of-April cargos. Eni sold a cargo of Urals to Total in the Baltic at dated Brent minus $1.50 for April 20-24 delivery, some 20 cents weaker than previous price estimates. Also in the Baltic, Vitol sold an early May cargo to Shell at dated Brent minus $1.35, traders said. In the Med, Eni sold a 80,000-tonne, April 26-30 cargo to Total at dated Brent minus 65 cents and Tenergy sold an April 22-26 cargo to Glencore at dated Brent minus 70 cents, traders said. That was 50-60 cents weaker than previous price estimates. "There was clearly a certain overhang of Urals in the market but maybe the weakening is a bit overdone now," said a trader with a major.

Med Urals Market Awaits Short May Loading Schedule

Activity in the Russian Urals crude market froze on Tuesday as traders said they were awaiting the first loading dates for May for signs of how much supplies from the world's top oil producer could fall next month. Traders said they anticipated lower exports from Russia in May as several major domestic refineries were set to end their maintenance works. The Urals swaps market showed expectations for prices to strengthen in May to around dated Brent minus $1 per barrel, some 30-40 cents stronger than current price estimates. Traders also spoke about a physical deal being done in the Baltic on Tuesday for a cargo of Urals at dated Brent minus $1.30 a barrel, a notch stronger than prices on Monday, but that could not be verified.

Urals Prices Weaken in Med, Baltic

Russian Urals crude price differentials weakened in the Mediterranean and the Baltic due to ample supplies, traders said on Thursday. In the Platts window, Litasco sold to Shell a 80,000 tonne cargo in the Mediterranean loading on Jan. 18-22 at a discount of $1.45 a barrel to dated Brent, some 30-35 cents a barrel weaker than previous levels, traders said. Vitol unsuccessfully offered its Jan. 19-23 cargo at a discount of $1.45 a barrel, market participants said. Ample supplies of Urals in January were putting levels under pressure and some traders said they expected some cargoes to remain unsold after the New Year holidays. In the Platts window, Vitol offered in the Baltic a 100,000 tonne cargo for loading on Jan.

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