Med Crude-Urals falls in north amid Forties return
Kazakhstan’s benchmark Russian Urals crude’s differentials fell in the Baltic on Friday after a brief upswing, as the return of North Sea Forties crude this week weighed on the grade that can be used as an alternative.
The 3-week halt in Forties loadings due to the pipeline shutdown had pushed Urals prices in northwest Europe to 4-year highs.
In the Platts window, Total offered a cargo of Urals in Northwest Europe at dated Brent minus 60 cents a barrel fob NWE.
The level is lower than a deal on Thursday at dated Brent minus 45 cents a barrel.
Azeri Light has firmed to around dated Brent plus $2.30 a barrel, traders said.
Algeria's Saharan Blend was trading between dated Brent plus 80 to 90 cents a barrel, traders said, with state firm Sonatrach offering cargoes at around dated Brent plus 90 cents a barrel.
The revised January programme for Kazakh CPC Blend emerged on Friday slightly higher at 5.27 million tonnes to a near record high.
OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices.
