Urals crude differentials in the Baltic and Mediterranean fell on Tuesday amid ample supplies in the first days of June and weaker refinery margins, traders told Reuters.
In the Platts window Shell bought from Trafigura 100,000 tonnes of Urals crude from Primorsk or Ust-Luga on June 3-7 at dated Brent minus $2.65 a barrel - some 20 cents a barrel below the latest estimates for the grade, traders said.
In the Mediterranean, Vitol was offering 80,000 tonnes of Urals for loading May 28-June 1 at dated Brent minus $2.05 a barrel, some 15 cents a barrel down from Monday.
Litasco was showing an Aframax of Urals on June 2-6 at a discount of $1.90 a barrel to dated Brent before withdrawing.
In lighter grades Vitol was showing 85,000 tonnes of Urals on May 31-July 4 down to dated Brent minus $0.20 a barrel. That was down by 20 cents from its offer on Monday.
Nigeria's oil production has fallen by almost 40 percent to 1.4 million barrels per day (bpd) due to militant attacks on oil facilities, the oil ministry said.
That would the lowest production level in more than 22 years, but according to traders' estimates production might be even lower at below 1.3 million bpd.
Otherwise, Libyan oil exports may rise, after rival factions have agreed in principle to have one oil organisation for strife-torn country, the foreign minister in the new U.N.-backed, national unity government said on Tuesday.
Libya, an OPEC member, will resume oil shipments from the port of Marsa El Hariga after a deal reached at talks in Vienna between rival oil officials representing the east and west of the country, Libyan oil sources said on Monday.
"When dated (Brent) is expensive the margins are shrinking, so the refiners feel no hunger and can put purchases on hold for a week," a source with a trader said.
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