March 4, 2020 / 6:08 PM / 3 months ago

Med Crude-Urals diffs firm in Baltic on fresh demand

MOSCOW, March 4 (Reuters) - Urals crude oil differentials firmed in the Baltic on Wednesday on renewed demand for the cargoes loading at the end of March.

* Urals refining margins in the Mediterranean improved due to lower oil prices and the start of refinery maintenance season in Europe.


* Trading firm Petraco bid for 100,000 tonnes of Urals loading from Baltic ports on March 20-24 at dated Brent minus $1.70 per barrel, but failed to find a seller, though the bid was 30 cents per barrel firmer than the recent estimates.

* On Azeri BTC, Italy’s Eni bid again for 650,000 barrels of the grade loading on March 22-26 at dated Brent plus $2.75 per barrel, but failed to find a seller.


* After strong profits in 2019, oil traders have been hit hard early in 2020, losing tens of millions of dollars on bets on gasoil price spreads due to an unexpected collapse in demand in January, sources familiar with the matter said.

* Poland is ready to supply Belarus with oil, but first needs to invest in its pipelines to enable reverse flows, Poland’s minister responsible for energy infrastructure said on Wednesday.

Reporting by Olga Yagova; Editing by Alexander Smith

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