Med crude-Urals differentials unchanged, CPC Blend trades at firmer levels

Kitco Media
By Reuters
Published:
Updated:
Reuters
MOSCOW, March 21 (Reuters) - Russian Urals crude oil differentials to dated Brent were stable on Tuesday in quiet trade, while CPC Blend differentials firmed on strong regional demand.
* Market participants were looking for Urals loading dates for the first half of April to gauge the export volume.
* Russian Deputy Prime Minister Alexander Novak said on Tuesday that Russia will continue a 500,000 barrels per day oil production cut until the end of June.
* Urals oil loadings from Russian ports in March are expected to rise from February, the first impact of the output cuts may be seen in April, some traders said.
* CPC Blend cargoes traded at firmer levels amid higher demand from Mediterranean refiners and improved weather in the Black Sea.
* Most recently CPC Blend cargoes loading in April changed hands at dated Brent minus $2.70-2.80 per barrel, up from recent estimations.
* The CEO of energy trader Gunvor said he expected oil prices to move higher towards the end of the year as rising Chinese demand tightens oil balances further. PLATTS WINDOW
* No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Tuesday, traders said. NEWS


* The biggest oil traders and energy hedge funds speaking at the FT Commodities Global Summit struck a bullish tone despite banking jitters, and see a jump in oil prices by the year end.
* European refiners produced 10.13 million barrels per day (bpd) of oil products in February, 1% below output levels in January, but 6% higher from a year earlier, boosted by a big rise in middle distillates output, Euroilstock data showed on Tuesday. (Reporting by Reuters. Editing by Jane Merriman)

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