Bloomberg News

Vitol Sells North Sea Forties; HPCL Buys Nigerian Crude

April 10, 2013

Vitol Group sold a cargo of North Sea Forties crude, its eighth since March 28, as the price dropped to the lowest in more than a week.

Hindustan Petroleum Corp., India’s third-largest state refiner, bought 2 million barrels of Nigeria’s Qua Iboe from Vitol via tender for loading from June 1 to June 30, according to three people with knowledge of the matter.

North Sea

Vitol sold the Forties cargo to Total SA for loading April 25 to April 27 at 35 cents less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That’s 5 cents lower than an April 8 trade at minus 30 and is the lowest since April 2, according to data compiled by Bloomberg.

Total also bid unsuccessfully for Forties for loading April 24 to April 29 at 35 cents a barrel, 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 4 cents to a discount of 26 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent futures for May settlement traded at $105.64 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $104.78 yesterday. The June contract was $105.68 at that time today, a premium of 4 cents to May.

Mediterranean/Urals

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

The Urals discount to Dated Brent in the Mediterranean narrowed by 4 cents to 66 cents a barrel, data compiled by Bloomberg show. That was the least since Feb. 1. In northwest Europe, the discount was at $2.06 a barrel versus $2.10 at yesterday’s close.

West Africa

Benchmark Nigerian Qua Iboe blend dropped 4 cents to $3.45 a barrel more than Dated Brent, data compiled by Bloomberg show.

The loading programs for Nigerian and Angolan crude for June are due to be published next week.

Nigerian authorities recovered 10 bodies of policemen killed in an April 6 attack by gunmen in the oil-rich Niger River delta, while two remain missing, Bayelsa state Police Commissioner Kingsley Omire said. The Movement for the Emancipation of the Niger Delta claimed responsibility for the assault.

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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