Med Crude- Azeri May cargoes clear, Urals stable
29.05.2020 10:57
Urals was stable on Monday ahead of the results of a tender by oil producer Surgut while Azeri Light was expected to be supported after plunging to weak levels, as most May cargoes were sold out.
In the Platts window, Statoil offered Azeri Light at dated Brent plus $1.45 a barrel, slightly stronger than recent price estimates, traders said.
Statoil found no buyers as the cargo was due to load on May 30-June 1, traders said. They added, however, that it was one of the last prompt cargoes on the market and that June cargoes should be priced strongly.
There were no bids or offers for Urals or CPC in the window, traders said.
Russia's Surgut offered to sell three cargoes of Urals crude for loading from the Baltic ports of Primorsk and Ust-Luga in June. It offered two cargoes for loading from Primorsk on June 3-4 and 5-6, and one from Ust-Luga on June 6-7.
The tender closes on May 19.
Libyan state oil company AGOCO, which is active in the east of the OPEC member country, is producing about 270,000 barrels a day of crude, unchanged from a week ago, a company spokesman said on Sunday.
www.ann.az
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