March 9, 2020 / 5:41 PM / 25 days ago

Med crude-Urals, CPC Blend diffs fall after prices cut for Saudi oil

MOSCOW, March 9 (Reuters) - Urals crude oil differentials to dated Brent eased along with Caspian CPC Blend crude oil as Saudi Arabia announced sharp price cuts for its oil grades along with higher output plans.

* Market analysts expect Russia to be among those to suffer the most from Saudi Arabia actions.

* A bunch of Urals and CPC Blend offers failed to spark buyers’ interest, though cargoes were offered at prices some $1.50 per barrel weaker than last week’s estimates, Reuters monitoring showed.

* Azeri BTC crude oil exports from Ceyhan port set at 17.45 million barrels compared to 18.1 million barrels in the March loading plan, the schedule seen by Reuters showed.

PLATTS WINDOW

* Shell offered 100,000 tonnes of Urals loading from Primorsk on March 27-31 at dated Brent minus $2.80 per barrel, but did not find a buyer and withdrew.

* Trading firm Vitol offered 100,000 tonnes of Urals loading from Baltic ports on March 30-April 3 at dated Brent minus $3.10 per barrel, but failed to find a buyer.

* Trafigura offered 100,000 tonnes of Urals loading from Baltic ports on March 28 - April 1 at dated Brent minus $3 per barrel, but buyers showed no interest.

* On the Caspian market, Shell offered 90,000 tonnes of CPC Blend at dated Brent $3.60 per barrel, but failed to find a buyer.

NEWS

* Oil titans Russia and Saudi Arabia have accumulated vast financial cushions that will help them weather a lengthy price war. It’s a battle of nerves - so who will blink first?

* Brent and U.S. crude contracts were deep into contango, hitting a four year low, as oil prices lost as much as a third of their value after Saudi Arabia signalled it would hike output to win market share. (Reporting by Gleb Gorodyankin and Olga Yagova; editing by David Evans)

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