Bloomberg News

North Sea Forties Rebounds; BPCL Buys West African Crude for May

March 27, 2013

Total SA bought a cargo of North Sea Forties crude as the price of the benchmark grade rebounded. There were no bids or offers for Russian Urals.

Bharat Petroleum Corp Ltd. (BPCL) bought Angolan Nemba grade, and Nigerian Agbami from Chevron Corp. and Bonga from Morgan Stanley, according to two traders of the crudes who asked not to be identified because the information is confidential.

North Sea

Royal Dutch Shell Plc (RDSA) sold Forties lot F0410 for loading from April 14 to April 16 at 65 cents a barrel less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares with a trade on March 25 at minus 75 cents to the benchmark.

Total also bid unsuccessfully for April 16 to April 22 crude at a 60-cent discount, the survey showed.

Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time. Forties loading in 10 to 25 days narrowed by 9 cents to a discount of 68 cents a barrel to Dated Brent, according to data compiled by Bloomberg. Yesterday’s level was the lowest since April 19.

Brent for May settlement traded at $109.29 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $108.21 in the previous session. The June contract was at $109.02, a discount of 27 cents to May.

One Forties cargo was added to the April schedule and five were advanced by one to three days, according to three people with knowledge of the matter.

The changes mean that 21 Forties lots will now load next month and 13 consignments from the original schedule have been brought forward, the people said, asking not to be identified as the information is confidential.

Mediterranean/Urals

There were no bids or offers for Russian Urals, the Platts survey showed.

The Urals discount to Dated Brent in the Mediterranean widened by 2 cents to $1.05 a barrel, data compiled by Bloomberg show. In northwest Europe, the discount was at $2.08 a barrel, compared with minus $2.04 in the previous session. That’s the widest since March 12.

OAO Surgutneftegas issued a tender to sell three 100,000 metric-ton cargoes for loading next month, according to two people with knowledge of the matter who asked not to be identified as the information is confidential.

West Africa

Benchmark Nigerian Qua Iboe blend rose by 5 cents to $3.22 a barrel more than Dated Brent, Bloomberg data show. That is the first increase in two weeks.

To contact the reporter on this story: Rupert Rowling in London at rrowling@bloomberg.net

To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net


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