Med crude-Urals diffs stable as February cargoes clear slowly

Reuters
01/30
Med crude-Urals diffs stable as February cargoes clear slowly

MOSCOW, Jan 29 (Reuters) - Urals crude differentials to dated Brent were stable on Thursday in quiet trade while February cargoes were slow to clear, traders said.

India is expected to increase buying of February Urals compared to January, but sanctions pressure weighed on prices and demand for Russian oil, they added.

Discounts for Russian ESPO Blend crude oil have narrowed for March-loading cargoes on brisk demand from China as buyers moved quickly to secure barrels while Indian refiners remained cautious about Western sanctions, traders said.

Firmer demand for ESPO Blend could support Urals oil values, traders said.

PLATTS WINDOW

  • No bids or offers were made on Thursday for Urals, Azeri BTC and CPC Blend, traders said.

NEWS

  • Brent oil futures prices jumped on Thursday, hitting their highest in nearly six months on rising concerns over a possible U.S. military attack on Iran, OPEC's fourth-largest producer with output of 3.2 million barrels per day.

  • U.S. private equity firm Carlyle Group CG.O has agreed to an initial deal to buy most of Lukoil's LKOH.MM foreign assets, which the Russian company is being forced to sell because of U.S. sanctions.

(Reporting by ReutersEditing by David Goodman)

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