Bloomberg News

Total Fails to Sell Forties Crude; Lukoil Withdraws Urals Offer

July 18, 2012

Total SA failed to sell North Sea Forties at a higher price than its offer yesterday. Gunvor Group Ltd. and OAO Lukoil withdrew their offers for Russian Urals in the Mediterranean and northwest Europe.

North Sea

Total didn’t manage to sell Forties for loading on July 28 to July 30 at 35 cents a barrel more than Dated Brent, 5 cents more than its offer yesterday, according to a Bloomberg survey of traders and brokers monitoring the Platts trading window.

BP Plc failed to sell the blend for Aug. 12 to Aug. 14 at 40 cents more than Dated Brent, the survey showed. BP was also unable to sell a cargo of Ekofisk for Aug. 9 to Aug. 11 at a premium of $1.30 to Dated Brent, according to the survey.

Reported crude 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 34 cents a barrel more than Dated Brent, compared with a premium of 38 cents yesterday, data compiled by Bloomberg show.

Brent for September settlement traded at $105 a barrel on the ICE Futures Europe exchange in London at the close of the window, up from $103.52 yesterday. The October contract was at $104.25, a discount of 75 cents to September.

Mediterranean/Urals

Litasco withdrew its offer of 100,000 metric tons of Urals for Aug. 1 to Aug. 5 loading at 15 cents a barrel less than Dated Brent, delivered to Rotterdam, the survey showed. The blend was last bid at a premium of 15 cents on July 13.

Gunvor also pulled its offer for 80,000 tons, loading on July 30 to Aug. 3, at a premium of 15 cents a barrel to Dated Brent, delivered to Augusta, Italy on, according to the survey.

Urals was 20 cents more than Dated Brent in northwest Europe, compared with a premium of 25 cents yesterday, according to data compiled by Bloomberg.

Russia’s Baltic Sea port of Primorsk will shut for maintenance from July 17 to July 20, Igor Dyomin, a spokesman for OAO Transneft, said today by telephone.

West Africa

Equatorial Guinea will reduce exports of its Zafiro crude for September to three cargoes, one less than August, according to a loading program obtained by Bloomberg News.

The West African nation will also ship three consignments of Ceiba grade, one more than next month, a separate schedule showed. All cargoes are for 1 million barrels.

Qua Iboe for loading from Nigeria rose 1 cent to $1.01 a barrel more than Dated Brent, data compiled by Bloomberg show.

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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