Bloomberg News

Total Fails to Buy North Sea Forties

April 09, 2013

Total SA failed to buy more North Sea Forties crude. The oil producer has bought seven cargoes since March 27 and has chartered its second tanker this year to transport the grade to South Korea.

Glencore International Plc (GLEN) sold a cargo of Russian Urals grade crude at the smallest discount to Dated Brent in more than six weeks.

North Sea

Total unsuccessfully bid for Forties for loading April 24 to April 29 at 30 cents a barrel less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That’s the same discount as yesterday’s successful trade.

The company booked the supertanker Maersk Noble to carry 280,000 metric tons of Forties on April 17 from Hound Point in the U.K. to South Korea, according to reports from Athens-based Optima Shipbrokers Ltd. and Norwegian PF Bassoe AS. Total’s Paris-based press office declined to comment today in response to e-mailed questions seeking information on the booking.

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 widened by 9 cents to a discount of 30 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent for May settlement traded at $104.78 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $104.07 yesterday. The June contract closed at $104.82 today, a premium of 4 cents to May.

Mediterranean/Urals

Glencore sold Russian Urals crude to Royal Dutch Shell Plc (RDSA) for loading April 20 to April 24 at $1.95 less than Dated Brent on a delivered basis to Rotterdam, according to the survey of brokers monitoring Platts. That was the lowest trade since Feb. 20, according to data compiled by Bloomberg.

The Urals discount to Dated Brent in the Mediterranean narrowed by 5 cents to 70 cents a barrel, data compiled by Bloomberg show. That was the least since Feb. 1. In northwest Europe, the discount was at $2.10 a barrel versus $2.15 at yesterday’s close.

West Africa

Benchmark Nigerian Qua Iboe blend dropped 1 cent to $3.49 a barrel more than Dated Brent, data compiled by Bloomberg show.

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

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


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