Statoil Fails to Sell Forties Crude; Libya Cuts Es Sider Price

Statoil ASA failed to sell North Sea Forties crude at a higher price than yesterday. Glencore International Plc offered Russian Urals in northwest Europe without success at a bigger discount to Dated Brent.

Libya’s state-run National Oil Corp. reduced its August official selling price of benchmark Es Sider crude to the lowest level in almost three years, according to a price list obtained by Bloomberg News.

North Sea

Statoil offered the Forties cargo for Aug. 10 to Aug. 12 loading at 20 cents a barrel more than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts trading window. This compares with a premium of 5 cents for a trade yesterday.

Chevron Corp. didn’t manage to sell a consignment for loading on Aug. 5 to Aug. 7 at 25 cents a barrel more than Dated Brent, the survey showed.

BP Plc failed to sell Ekofisk for Aug. 9 to Aug. 11 at $1.20 more than Dated Brent, 5 cents less than its offer yesterday, the survey showed.

Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time. Before the session, Forties loading in 10 to 25 days was at 4 cents a barrel more than Dated Brent, the lowest since July 3, compared with a premium of 34 cents, data compiled by Bloomberg show.

Brent for September settlement traded at $106.50 a barrel on the ICE Futures Europe exchange in London at the close of the window, down from $107.29 yesterday. The October contract was at $105.80, a discount of 70 cents to September.

Mediterranean/Urals

Glencore was unable to sell 100,000 metric tons of Urals for Aug. 1 to Aug. 5 loading at 55 cents a barrel less than Dated Brent, delivered to Rotterdam, the survey showed. This compares with a discount of 20 cents for an offer by Royal Dutch Shell Plc yesterday.

No bids or offers were made for Urals in the Mediterranean for the second day. The blend was 13 cents more than Dated Brent in the region, compared with a premium of 20 cents yesterday, according to data compiled by Bloomberg.

The price of Es Sider was cut by $1.60 a barrel to a discount of $1.30 to North Sea Dated Brent, the lowest since at least January 2010, data compiled by Bloomberg show.

West Africa

Nigeria plans to export eight Agbami crude cargoes of 975,000 barrels each in September, unchanged from August, according to a loading plan obtained by Bloomberg News.

The nation will also export five Bonga shipments of 1 million barrels, one less than August, a separate plan showed.

Angola will probably achieve its crude production target of 1.8 million barrels a day this year as Exxon Mobil Corp.’s Kizomba Satellites project reaches full output, Oil Minister Jose Maria Botelho de Vasconcelos said.

Qua Iboe for loading from Nigeria rose 3 cents to $1.10 a barrel more than Dated Brent, data compiled by Bloomberg show.

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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