Bloomberg News

Total Buys Urals at Three-Year High, Seeks North Sea Crudes

June 20, 2013

Total SA (FP) bought Russian Urals crude at the highest differential in more than three years for delivery in northwest Europe. The company failed to buy North Sea Forties and Ekofisk grades even after raising its bid.

Nigeria plans to export eight cargoes of Agbami blend for August, one more than July, according to a loading program obtained by Bloomberg News.

North Sea

Total sought to purchase Forties at 5 cents a barrel more than Dated Brent for loading on July 9 to July 14, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. The company yesterday bought a cargo at a discount of 15 cents.

Total didn’t manage to buy Ekofisk for July 11 to July 17 at a premium of 75 cents a barrel to Dated Brent, 25 cents more than its bid yesterday, according to the survey. It also bid without success for Brent loading July 10 to July 15 at a premium of 15 cents, the survey showed.

No bids or offers were made for Oseberg. 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 was 16 cents less than Dated Brent, compared with a premium of 3 cents yesterday, according to data compiled by Bloomberg.

Brent for August settlement traded at $102.96 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $106.08 in the previous session. The September contract was at $102.64 at the same time today, a discount of 32 cents to August.

Mediterranean/Urals

Total bought 100,000 metric tons of Urals for July 3 to July 7 from Glencore Xstrata Plc at 20 cents a barrel more than Dated Brent on a delivered basis to Rotterdam, compared with a discount of 50 cents for the last trade on June 7, the survey showed. The last time the blend traded at a premium was Sept. 9, 2011, at plus 5 cents.

Total didn’t manage to buy a cargo for July 3 to July 7 at the same premium, according to the survey.

Urals in the Mediterranean fell by 5 cents to a discount of 19 cents a barrel to Dated Brent, data compiled by Bloomberg showed. In northwest Europe, the grade was at 10 cents a barrel less than Dated Brent, compared with a discount of 5 cents yesterday.

West Africa

Hindustan Petroleum Corp. bought 2 million barrels of Nigerian benchmark Qua Iboe crude for loading in August from BP Plc (BP/), according to three people who participate in the market.

Qua Iboe fell 2 cents to $2.24 a barrel more than Dated Brent, data compiled by Bloomberg showed.

Exports of Escravos will be unchanged from July at three shipments, the plan showed.

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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