October 11, 2017 / 5:21 PM / 5 months ago

Med Crude-Supply of alternative grades puts pressure on Urals, CPC Blend

Oct 11 (Reuters) - Differentials for Urals and CPC Blend crude oil eased versus dated Brent in northwest Europe and the Mediterranean on Wednesday as wide availability of alternative grades weighed on demand, traders said.

Ample supplies from Kurdistan, U.S. oil exports to Europe for delivery in October and weak differentials of North Sea grades have put Urals differentials under pressure, they said.

In the Platts window, Vitol offered 100,000 tonnes of Urals for loading from Primorsk or Ust-Luga on Oct. 21-25 at dated Brent minus $1.10 a barrel, down by 5 cents from its offer on Tuesday, but nobody was interested, traders said.

In the Mediterranean, Litasco bid for 80,000 tonnes of Urals for loading on Oct. 25-29 up to minus $0.40 a barrel to dated Brent, but found no interest, traders said.

Vitol offered 140,000 tonnes of Urals for Oct. 26-30 loading down to minus $0.80 a barrel without finding a buyer.

Trafigura offered 80,000 tonnes of Urals for Nov. 1-5 loading at dated Brent minus $0.20 a barrel

In lighter grades, Glencore offered 93,500 tonnes of CPC Blend for Oct. 26-30 loading down to minus $0.50 a barrel.

The CPC Blend oil loading plan from the Black Sea outlet of Yuzhnaya Ozereyevka is set at 4.96 million tonnes in November, unchanged from a revised October plan, a preliminary version of the schedule obtained by Reuters showed on Wednesday.

On a daily basis, November loadings of CPC Blend will be up by 3 percent compared to October due to a shorter month.

Libya’s oil output is around 1 million barrels per day (bpd), NOC Chairman Mustafa Sanalla told reporters on Wednesday, adding that a goal of 1.25 million bpd by the end of the year was “very difficult” to achieve.

Iraqi government forces and Iranian-trained Iraqi paramilitaries are “preparing a major attack” on Kurdish forces in the area of Kirkuk, said the Kurdistan Regional Government on Wednesday. (Reporting by Gleb Gorodyankin. Editing by Jane Merriman) ))

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