Med crude-Urals diffs unchanged, CPC suspends loadings for maintenance

Kitco Media
By Reuters
Published:
Updated:
Reuters
MOSCOW, April 12 (Reuters) - Urals crude oil differentials were unchanged on Wednesday, while Caspian Pipeline Consortium (CPC) said it had suspended CPC Blend exports for planned maintenance.
* The price spread between Urals crude oil and the Brent crude benchmark has been narrowing gradually, Russia's Interfax news agency reported Deputy Finance Minister Vladimir Kolychev as saying on Wednesday.
* The Caspian Pipeline Consortium (CPC), which handles 1% of global oil flows, has stopped oil loadings through its single mooring points (SPM) since April 10 because of a planned shutdown, it said on Wednesday.
* CPC Blend oil loadings are scheduled to resume on April 14 after maintenance, said two traders familiar with CPC terminal operations.
* Most of April-loading CPC Blend volumes were placed with end users, while traders did not expect the planned suspension to delay loadings. PLATTS WINDOW
* No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Wednesday, traders said. NEWS
* The global oil market could see tightness in the second half of 2023, which would push oil prices higher, said Fatih Birol, executive director of the International Energy Agency.
* Benchmark Northwest European diesel refining margins dropped to $17.70 a barrel on Wednesday, their lowest since Feb. 25, 2022. (Reporting by Reuters; Editing by Richard Chang)
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