Med crude-Urals diffs steady, outright prices for the grade in Baltic ports drop below price cap

MOSCOW, Feb 14 (Reuters) - Urals crude differentials to dated Brent were stable on Friday, while prices for the grade in Baltic ports fell below the Western price cap level of $60 per barrel on softer Brent and higher freight rates for Russian oil shipments, traders said and Reuters calculations showed.

Estimations for Urals oil loading from Primorsk and Ust-Luga fell to $59.33 per barrel on a free on board basis. However, Urals prices in Russian ports stayed above $60 per barrel since December 2023 and for most of 2024, LSEG data shows.

ANALYSIS - Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices.

PLATTS WINDOW

• No bids or offers were shown for Urals, Azeri BTC and CPC Blend in the Platts window on Friday.

NEWS

• Russian Deputy Prime Minister Alexander Novak will preside over a meeting of government officials and oil producers next week to discuss a possible gasoline exports ban for fuel producers from March 1, three industry sources said.

• India will be a bright spot for petrochemical demand in 2025 even as global consumption lags supply, amid rising demand for electric vehicle parts, solar panels and household appliances.