Mediterranean crude differentials stable despite fresh disruptions
Mediterranean crude oil differentials to dated Brent were stable on Tuesday, as Kazakh crude flows through the Druzhba pipeline system to Germany experienced disruptions.
Caspian CPC Blend values have firmed in recent sessions as SPM maintenance at the CPC Terminal in late August was helping to prop up market sentiment, offsetting a large loading programme and a closed arbitrage to Asia, one trade source said.
Little emerged on Azeri BTC at the start of the week.
No deals, bids or offers were reported to Reuters for Urals, Azeri BTC or CPC Blend in the Platts window on Tuesday.
Kazakhstan's oil exports to Germany via Russia's Druzhba pipeline were briefly disrupted after Ukrainian attacks on the infrastructure, but supplies had been restored and were not at further risk, the German economy ministry said on Tuesday.
It comes a day after Hungary and Slovakia, which normally receive Russian oil via the southern branch of the pipeline, said on Monday that flows had been halted with Budapest blaming a Ukrainian attack on a part of the network.
US President Donald Trump said on Tuesday he hoped Russia's Vladimir Putin would move forward on ending the war in Ukraine but conceded that the Kremlin leader may not want to make a deal at all, adding this would create a "rough situation" for Putin.
Chinese refineries have purchased 15 cargoes of Russian oil for October and November delivery as Indian demand for Moscow's exports falls away, two analysts and one trader said on Tuesday.
India's Russian oil imports declined in July after jumping the previous month as some refiners slowed purchases due to smaller discounts, while Indian fuel demand also typically dips during the monsoon season, according to trade sources and data.
Oil imports by Russia-backed Indian refiner Nayara Energy in July fell by about 4.3 per cent versus June to 325,500 barrels per day (bpd), tanker data from trade and industry sources showed.
(Reporting by Robert Harvey Editing by Tomasz Janowski)
