Urals crude oil differentials to dated Brent firmed on Friday as the grade traded at its highest level since 2022 in Indian ports amid rising demand for Russian barrels, traders said.
Discounts for Russian flagship Urals crude oil for delivery to Indian ports in July hit their narrowest levels since 2022 as spot supplies have tightened, four traders involved in the market said on Friday.
Spot discounts for Urals crude narrowed to $2.25 per barrel on average for cargoes arriving in India in July, from $2.70 to $3.10 per barrel to dated Brent on delivery ex-ship (DES) basis in the previous month, the sources said.
Azeri BTC crude oil exports from Turkey’s Ceyhan port are set at 17.4 million barrels for July compared with 16.9 million barrels in the June plan, the schedule showed on Friday.
On a daily basis, Azeri BTC crude oil exports will drop less than 1% in July from June, Reuters calculations showed. June is one day shorter than July.
PLATTS WINDOW
No bids or offers were made for Urals, CPC Blend or Azeri BTC in the Platts window on Friday.
NEWS
Rising OPEC+ supplies and new streams of oil coming online globally are increasing options for European and Asian refiners and weighing on export demand for light sweet U.S. crude, contributing to lower prices in the country’s main oil-producing regions.
Surgutneftegaz, one of Russia’s top five oil producers, said on Friday it swung to a net loss of 439.7 billion roubles ($5.55 billion) in the first quarter under Russian accounting standards.
Source: Reuters