Bloomberg News

BP Sells Forties Crude at Lower Price; Angolan Exports to Fall

September 17, 2012

BP Plc sold North Sea Forties crude at a lower price than its last offer. Petraco Oil Co. sought to buy Russian Urals blend in northwest Europe without success.

Angola, Africa’s second-largest oil producer, will reduce its crude exports in November to 52 cargoes, five less than next month, according to a preliminary loading program obtained by Bloomberg.

North Sea

BP sold Forties lot F1001 for Oct. 3 to Oct. 5 loading to Phibro, a unit of Occidental Petroleum Corp., at 5 cents a barrel more than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts trading window. The London-based company last offered a cargo at a premium of 16 cents on Sept. 12.

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 7 cents less than Dated Brent, unchanged from Sept. 14, data compiled by Bloomberg show.

Brent for November settlement traded at $116.23 a barrel on the ICE Futures Europe exchange in London at the close of the window, down from $116.96 on Sept. 14. The December contract was $115.69, a discount of 54 cents to November.

Three Forties cargoes for loading in September were delayed by five to six days, bringing the total number of deferrals this month to five, three people with knowledge of the shipping schedule said.

Consignment F0908 was postponed by six days and will now be exported on Sept. 27 to Sept. 29, while lot F00907 will load on Sept. 24 to Sept. 26, also six days later than scheduled, said the people, declining to be identified because the information is confidential.

Cargo F0909 was pushed back by five days to load on Sept. 29 to Oct. 1, they said. A total of three cargoes for loading in September were advanced, with one added and five deferred.

Mediterranean/Urals

Petraco failed to buy 100,000 tons of Urals crude for loading on Oct. 3 to Oct. 7 at $1.85 a barrel less than Dated Brent, unchanged from the price for the last trade on Sept. 13, the survey showed.

There were no bids or offers for the blend in the Mediterranean. Urals was at $1.38 a barrel less than Dated Brent for delivery in the Mediterranean, unchanged from the previous session, data compiled by Bloomberg showed.

West Africa

Angola plans to ship 50 million barrels, or 1.67 million barrels a day, in November, the plan showed. This compares with 1.77 million in October.

Qua Iboe was unchanged at $1.61 a barrel more than Dated Brent, according to data compiled by Bloomberg.

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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