Urals crude differentials in the Mediterranean rose to a new record high on Wednesday, to be assessed by Platts at Dated Brent plus $0.525/barrel.
This is $0.045/b higher than the previous record seen last Thursday, as the grade continues to see its value rise.
Urals differentials have risen steadily in recent months and have been at a premium to Dated Brent since the end of October.
Strength in the sour global crude markets and concern over potential sanctions on Iranian crude imports to Europe have supported the grade, trading sources said.
While an EU embargo on Iranian oil exports remains in discussion, refiners have been looking to secure alternative crude supplies in the event of an embargo, traders said.
A further issue discussed in the sour crude market was news from Iraq, where production from the giant Rumaila oil field has been halved to around 700,000 b/d due to bomb attacks on crude export pipelines in the southern oil hub of Basrah, according to a senior Iraqi oil ministry official.
In the Platts Market on Close assessment process on Wednesday, Vitol offered a 140,000 mt Urals cargo CIF Augusta loading from Novorossiisk for delivery December 31-January 4 at Dated Brent plus $0.50/barrel, but found no seller.
Typically, 140,000 mt cargoes trade at a discount to the smaller 80,000 mt vessels, due to both economies of scale and a smaller pool of buyers.
Italy's Eni bid for an 80,000 mt Urals cargo CIF Augusta loading from Novorossiisk for delivery December 28-January 1 at Dated Brent plus $0.45/b.
