Copyright © 2010 Reed Business Information Limited. ICIS Pricing is a member of the Reed Elsevier plc group.

NOTE: for full details on the criteria ICIS pricing uses in making these price assessments visit www.icispricing.com and click on “methodology”.

COMMENTS

Urals loading in the Mediterranean region continued to strengthen against Dtd as several cargoes have been fixed to the North and Lukoil’s Bulgarian refinery restarted earlier in the week.

Reports were also heard that two 1m bbl cargoes of Urals have been fixed from Novorossiysk to the US. However, further details failed to emerge and this was not confirmed.

During the open market trading session, OMV bid for a 19-23 August 80,000 tonnes cargo of Urals ex Novorossiysk or Yuzhny, starting at Dtd less 1.90 CIF basis Augusta and working up to Dtd less 1.35, but no offers were heard.

On other grades, OMV was also heard to have bid for a 25-29 August cargo of CPC Blend at Dtd plus 0.85 CIF basis Augusta. Some traders said two cargoes of CPC Blend may have traded at up to Dtd plus 1.00 CIF basis Augusta earlier in the week, however, these deals have not been confirmed and some traders insisted that with poor naphtha margins deals around Dtd plus 1.00 seem uneconomical.

Statoil was heard to have offered an Azeri Light cargo at Dtd plus 4.25 CIF basis Augusta, however the grade was valued at lower premiums according to traders of around Dtd plus 4.15, albeit still 10 cents higher than valuations heard on Wednesday.

Kumkol was valued lower at around Dtd plus 2.50 CIF basis Augusta.