North-south window briefly opens

摘要

Urals discounts to North Sea Dated widened in northwest Europe but narrowed in the Mediterranean,opening a win-dow for north-south shipments.CPC discounts widened on weak naphtha margins.BTC Blend premiums fell to below $2/bl before picking back up on improved diesel margins. The benchmark itself was up by$4.46/bl on the week to $114.22/bl. Glencore sold a 30 June-4 July 100,000t Baltic Urals cargo at a$3.50/bl discount to Total,which also won Ina’s tender with a Baltic-loading cargo due to arrive at the Croatian port of Omisalj on 9-13 July.At Novorossiysk,Italy’s Eni found no takers for a 5-9 July 80,000t cargo at a$1.45/bl discount. Urals demand remains weak thanks to stagnating fuel oil margins pressure from a long July programme.