Med crude-Urals steady, demand in China shows signs of recovery

Kitco Media
By Reuters
Published:
Updated:
Reuters
MOSCOW, Feb 14 (Reuters) - Urals crude oil differentials to dated Brent were stable on Tuesday as demand for the grade from the world's largest oil importer China showed signs of recovery.


* Seaborne supplies of Urals crude bound for China in January rose to 230,000 barrels per day (bpd), the highest since June 2022.
* Direct Urals supplies from Russia's ports to China in the first 10 days of February reached 360,000 bpd, according to provisional data provided by market sources and Reuters calculations.
* Crude oil exports and transit from Russia's Black Sea port of Novorossiisk were suspended on Feb. 14 due to a storm, while CPC Blend loadings via the neighbouring terminal operated by the Caspian Pipeline Consortium (CPC) continue.
PLATTS WINDOW
* No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Tuesday, traders said. NEWS
* Proposed changes to oil industry taxation, including fixed discounts on Russian oil to dated Brent, will boost Russia's state budget by 600 billion roubles ($8.2 billion) this year. (Reporting by Reuters; editing by Barbara Lewis)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.