March 3, 2020 / 6:06 PM / a month ago

Med crude-Urals diffs firm in Baltic in Surgut tender

MOSCOW, March 3 (Reuters) - Urals crude oil differentials firmed to dated Brent in northwest Europe on Tuesday as Russia’s Surgutneftegaz sold two end-month cargoes, while premiums for Azeri BTC crude oil gained slightly.

TENDER

* Surgutneftegaz awarded a Urals cargo of 100,000 tonnes loading on March 29-30 from Primorsk to Shell and a cargo loading on the same dates from Ust-Luga to Trafigura in a spot tender on Tuesday.

* Both cargoes were sold at around dated Brent minus $2 per barrel, slightly firmer than recent market estimates, traders said.

PLATTS WINDOW

* Italy’s Eni bid for 650,000 barrels of Azeri BTC for loading from Ceyhan on March 23-27 at dated Brent plus $2.75 per barrel, but failed to find a seller, traders said.

* There were no bids or offers for Urals or CPC Blend in the Platts window on Tuesday.

NEWS

* OPEC and its allies will consider making substantial oil production cuts to lift prices that have been battered by the coronavirus outbreak, Algeria’s oil minister said on Tuesday, as ministers began arriving for talks in Vienna.

* Belarusian President Alexander Lukashenko on Tuesday appointed a new deputy prime minister to oversee the country’s petrochemical industry as a dispute with neighbouring Russia over oil supply terms drags on. (Reporting by Olga Yagova; Editing by Alexander Smith)

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