Bloomberg News

Three North Sea Forties Cargoes for May Said to Be Deferred

May 02, 2012

Three North Sea Forties crude cargoes for loading in May were delayed by one to three days, bringing total deferrals for this month to eight shipments, according to three people with knowledge of the export program.

The shipment with parcel number F0512 will load from May 20, one day later than planned, and lot F0513 was also postponed by one day to May 21, said the people, who declined to be identified because the information is confidential. Cargo number F0514 was deferred by three days to load from May 25, they said.

Most of the deferrals were made after a halt at the 200,000 barrel-a-day Buzzard oil field, the biggest contributor to the Forties blend. Nexen Inc. (NXY), operator of the Buzzard deposit, started pumping from the reserve on April 25 after shutting for four days because of a fault at the fourth platform.

Forties is one of four grades that make up Dated Brent, the benchmark grade used to price more than half of the world’s oil.

Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

Details of deferrals and cancellations of Forties cargoes for loading in May are as follows and don’t include two lots that were delayed from April to this month:

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Parcel Number    Original Dates     New Dates
F0502            May 4-6            May 6-8
F0503            May 6-8            May 7-9
F0504            May 7-9            May 15-17
F0507            May 12-14          May 19-21
F0512            May 19-21          May 20-22
F0513            May 20-22          May 21-23
F0514            May 22-24          May 25-27
F0516            May 25-27          May 27-29
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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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