17-05-2018

Russia’s June ESPO Blend crude exports fall 8% on month to 2.4 mil mt

Russia’s exports of the medium sweet ESPO Blend crude in June are expected to total 2.4 million mt, down 7.69% from May, according to the latest monthly loading program seen by S&P Global Platts.

ESPO Blend’s June program runs from May 30 to July 1 and will comprise 24 cargoes of 100,000 mt each, according to the program.

This was similar to the May loading program which runs from April 30 to June 1.

The June loading rate will average 533,091 b/d, down from 577,515 b/d scheduled for May.

According to the program, state-owned Rosneft holds five cargoes for June down from 11 in May including those that are being marketed by CEFC, while CEFC will hold four cargoes separately.

Surgutneftegaz holds seven cargoes for June and has already sold four cargoes through two tenders. One cargo for loading over May 30-June 5 was awarded to Trafigura at a premium of around $3.50/b to the Platts front-month Dubai crude assessments on a FOB basis, while three cargoes for second-half June loading were awarded to an unknown buyer at a premium of around $3.40-$3.50/b to Platts front-month Dubai crude assessments, FOB.

Small producers including Swiss-based Tenergy will hold a total of six cargoes while Gazpromneft and Lukoil will hold one cargo each for June, according to the program.

Source: Platts

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