Med Crude-Baltic grade tumbles on weak margins

Wed Mar 14, 2012 5:57pm GMT
 

GENEVA, March 14 (Reuters) - Differentials on Russian
crude in the Baltic fell sharply on Wednesday on the back of
poor refining margins and indications of higher Russian exports
from Gdansk in March.	
    Although the Baltic grade has not traded in recent sessions,
Reuters data showed the level was nearly $1 below the previous
assessment.	
    "There's bad margins, refinery maintenance and economic run
cuts. It's not bullish," said a trader.	
    Urals in the Mediterranean was steady, and traders reported
no discussion for sweet grades.	
	
    URALS	
    * Glencore sold a 100,000 tonne cargo to Vitol at dated
minus $2.75 a barrel for loading from either Primorsk or Gdansk
March 26-30.	
    * In the Mediterranean, Eni bid for an 80,000 tonne cargo at
dated minus $2 a barrel for loading end-March to April 3, before
withdrawing. This was little changed from the previous
assessment.	
    	
    EXPORTS	
    * Traders may divert up to 300,000 tonnes of Urals crude to
the Baltic port of Gdansk in March from German and Polish
refineries, which are suffering from a glut of oil and weak
refining margins, traders said on Wednesday. 	
    *  Market participants also say the companies were in a rush
to sell extra barrels before a rise in export duty starting from
April 1, when the fee would be increased by around 12 percent to
close to a record high. 	
	
 (Reporting by Emma Farge; Editing by Jane Baird)
 
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