BP Buys Forties Crude for a Fourth Day; Buzzard Share Doubles

BP Plc bought North Sea Forties crude for a fourth day. Statoil ASA bought cargoes at higher premiums to benchmark Dated Brent than yesterday’s trades.

The share of North Sea Buzzard crude in the Forties oil blend more than doubled last week from the previous seven days.

North Sea

Vitol Group sold a Forties cargo to BP for Dec. 10 to Dec. 12 at 25 cents a barrel more than Dated Brent, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. Yesterday, Royal Dutch Shell Plc bought a cargo for a 20-cent premium for Dec. 9 to Dec. 11.

Vitol sold a cargo to Statoil for Dec. 19 to Dec. 21 at a 75-cent premium, and one for Dec. 20 to Dec. 22 at 80 cents more than Dated Brent, the survey showed. Yesterday, BP bought a cargo for Dec. 18 to Dec. 20 at a 65-cent premium. Vitol has now sold nine cargoes this week.

Reported North Sea trading typically occurs during the Platts window, which ends at 4:30 p.m. London time. Before today’s session, Forties loading in 10 to 21 days was at 57 cents a barrel more than Dated Brent, compared with a premium of 62 cents yesterday, according to data compiled by Bloomberg.

Brent for January settlement traded at $110.61 a barrel on the London-based ICE Futures Europe exchange at the close of the window, up from $110.32 yesterday. The February contract was at $110.02 a barrel, narrowing the discount to January to 59 cents from $1.02 yesterday.

The share of North Sea Buzzard crude in the Forties oil blend rose to 38 percent in the week to Nov. 27, from 17 percent a week earlier, BP Plc said on its website. BP operates the Forties Pipeline System.

Mediterranean/Urals

There were no bids or offers for Urals in northwest Europe and the Mediterranean today, the survey showed.

Russia, the world’s largest oil producer, will raise exports of Urals crude from the port of Novorossiysk in December to the most in four months, according to a final loading program obtained by Bloomberg News.

The country will supply a revised 3.823 million metric tons, or 903,955 barrels a day, next month. That compares with 3.01 million tons, or 735,688 barrels a day, in November.

West Africa

Qua Iboe grade was at a premium of $2.17 a barrel to Dated Brent, up 4 cents from yesterday, Bloomberg data showed.

The Republic of Congo will ship six Djeno cargoes in January, one less than next month, loading programs obtained by Bloomberg show. It will also export one lot of N’kossa oil, compared with two consignments in December.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

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

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