Bloomberg News

Trafigura Sells Forties Crude; Indian Oil Buys Nigerian Grades

February 03, 2012

Feb. 2 (Bloomberg) -- Trafigura Beheer BV sold North Sea Forties crude at the highest level in a month. OAO Lukoil failed to sell Russian Urals at a lower price in northwest Europe.

Indian Oil Corp., the nation’s largest refiner, bought two very large crude carriers, or VLCCs, totaling 4 million barrels of Nigerian grades for loading in April via a tender from Glencore International Plc, four traders who participate in the market said.

North Sea

Exxon Mobil bought a shipment of Forties for Feb. 14 to Feb. 16 loading from Trafigura at 25 cents more than Dated Brent, the highest since Jan. 4, according to a Bloomberg survey of traders monitoring the Platts trading window. Trafigura bought a cargo for the same dates on Jan. 31 for ship-to-ship transfer from Vitol Group at a discount of 15 cents.

Total SA failed to buy Forties for loading on Feb. 19 to Feb. 23 at 10 cents a barrel more than Dated Brent, the survey showed.

Reported North Sea trading typically occurs during the Platts window, which ends at 4:30 p.m. London time. Before the session, Forties loading in 10 to 25 days was 18 cents a barrel more than Dated Brent, up from a discount of 9 cents yesterday, according to data compiled by Bloomberg.

Brent for March settlement traded at $111.74 a barrel on the London-based ICE Futures Europe exchange at the close of the window, down from $112.22 yesterday. The April contract was at $111.36, a discount of 38 cents to March.

The share of Buzzard crude in the Forties blend fell to 35 percent in the week to Jan. 29 from 39 percent a week earlier, BP Plc said on its website.

Mediterranean/Urals

Lukoil failed to sell 100,000 metric tons of Urals for Feb. 13 to Feb. 17 delivery to Rotterdam at 55 cents more than Dated Brent, the survey showed. The grade was last offered at a premium of 80 cents by Royal Dutch Shell Plc on Jan. 31.

No bids or offers were made for Urals on the Mediterranean. The grade was at 15 cents a barrel less than Dated Brent in the region, the highest since Dec. 20, compared with a discount of 20 cents yesterday, according to data compiled by Bloomberg.

Libya’s National Oil Corp. plans to export 8.75 million barrels of crude in the the seven days through Feb. 8, Ahmed El- Mihoub, an official at the company’s crude and natural-gas marketing department, said today in an e-mail from the capital Tripoli.

The company, also known as NOC, shipped 3.54 million barrels from Jan. 26 to Feb. 1, according to the e-mail. That’s less than the 12.7 million barrels it expected to ship in that period, according to an e-mail from El-Mihoub on Jan. 26.

West Africa

Indian Oil purchased one VLCC with Bonny Light and Forcados grades, and the other with Qua Iboe and EA, according to the people, who declined to be identified because they aren’t authorized to speak on the matter.

Vitol failed to sell 950,000 barrels of Bonny Light for loading Feb. 20 to Feb. 21 at $2.30 a barrel more than Dated Brent, the survey showed.

Qua Iboe crude was at $2.69 a barrel more than Dated Brent, compared with a premium of $2.72 yesterday, data compiled by Bloomberg showed.

--With assistance from Ola Galal in Cairo. Editors: Rob Verdonck, Rachel Graham

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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