LONDON, Oct 11 (Reuters) - Russian Urals crude extended its rally to over 10 days on Thursday as the market struggled with poor cargo availability amid healthy refining margins.
In the Platts window, BP bid for a 22-26 cargo in the Baltic at dated Brent minus $1.25 a barrel, some 5 cents stronger than earlier in the week.
Activity was thin in the Mediterranean and in other grades.
Urals strengthened sharply in Europe's south last week and has begun to catch up in the Baltic as several refiners took advantage of cheaper cargoes in Europe's north to bring them to the Mediterranean.
As a result most of October cargoes were sold out while preliminary November programmes are not expected to emerge before the end of next week.
An expected return of a number of European refineries from maintenance should boost demand for oil, especially diesel-rich grades amid an acute shortage of distillates in Europe.
"When refiners return from maintenances it could improve the situation but not necessarily massively. The surplus in light grades is still there despite good refining margins," said a trader in Azeri crude.
Azerbaijan accused BP
on Wednesday of making "false promises" on oil output and said the state had missed out on $8 billion of potential revenues from what is one of the company's biggest projects in the world.
Eni said on Thursday the group saw production at the giant Kashagan field in Kazakhstan starting in March, ahead of a previously agreed start of June.
(Reporting by Dmitry Zhdannikov; editing by William Hardy)
((email@example.com)(+44 207 542 38 13))
((For a database of oil supply and demand fundamentals upstream and downstream, Reuters subscribers can click on
((MED CRUDE OIL DIFFERENTIAL AND OUTRIGHT PRICE ASSESSMENTS:
Urals Med Urals NWE Kirkuk Siberian Light Saharan Blend CPC Blend Azeri CRUDE ARBITRAGE STORIES CRUDE OIL TRADES NORTH SEA CRUDE REPORT AFRICAN CRUDE REPORT
Russia oil export schedule, monthly
Russia oil exports, table, monthly
Russia oil output by company, monthly
Russia oil output/exports, monthly
Russia product export, monthly
energy speed guide crude speed guide NYMEX crude ICE crude OPEC North Sea crude oil oil products derivatives European products Latest ICE Latest NYMEX )) ))
Keywords: MARKETS MEDITERRANEAN/CRUDE