February 13, 2019 / 6:16 PM / 5 months ago

Med Crude-Urals edges lower in north, demand from Shell provides support

MOSCOW, Feb 13 (Reuters) - Urals crude differentials in northwest Europe edged lower on Wednesday, but remained supported by Shell’s appetite for the grade.

Shell has bought five Urals cargoes for loading from Russia’s Baltic ports for late February/early in March in the Platts window over the week and may lift one more Urals cargo in the same period via a term contract, according to Reuters data and trade sources.

The company is actively buying Urals despite a two-month major maintenance its Pernis oil refinery in Rotterdam.


* Shell bought from Glencore 100,000 tonnes of Urals for loading March 1-5 from Primorsk or Ust-Luga at dated Brent minus $0.20 a barrel, down 5 cents from Tuesday.

* Unipec offered 80,000 tonnes of Urals from Novorossiisk for Feb. 23-27 at dated Brent plus $0.20 a barrel, but failed to find a buyer. The offer level was some 20 cents above the recent estimations for the grade.

* There were no bids and offers for CPC Blend and Azeri BTC in the Mediterranean on Wednesday.


* Russian average oil production at was 11.34 million barrels per day (bpd) on Feb. 1-12, down by 70,000 bpd from the October level used as a reference month for the global oil production cut deal, an energy industry source told Reuters.

* Venezuelan oil company PDVSA is looking to double exports to India as U.S. sanctions hobble deliveries to the United States and Europe.

* Libya’s state oil firm NOC is committed to a swift resumption of oil output at the El Sharara oilfield, but only after its workers’ safety is assured, it said on Tuesday. (Reporting by Gleb Gorodyankin. Editing by Jane Merriman)

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