Total Buys Forties Crude at Lower Price; Socar Offers Azeri Oil

Total SA bought North Sea Forties crude at a lower price than yesterday. Socar Trading SA failed to sell Azeri Light in the Mediterranean. No bids or offers were made for Russian Urals in Europe for a third day.

All Angolan crude cargoes for loading in September have been sold except for one lot, according to four traders who participate in the market. A Nemba consignment for loading on Sept. 25 to Sept. 26 has yet to find a buyer, said the people, who declined to be identified because the information is confidential.

North Sea

Total bought Forties lots F0813 for Aug. 26 to Aug. 28 loading from BP Plc at 50 cents a barrel more than Dated Brent, compared with a premium of 55 cents for a shipment Total bought yesterday, according to a Bloomberg survey of traders and brokers monitoring the Platts trading window.

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 64 cents a barrel more than Dated Brent, 1 cent less than yesterday’s four-month high, data compiled by Bloomberg show.

Brent for September settlement traded at $112.86 a barrel on the ICE Futures Europe exchange in London at the close of the window, up from $112.76 yesterday. The October contract was at $111.31, a discount of $1.55 to September.

The Ninian North and Ninian Central oil platforms in the North Sea as well as a third-party pipeline will undergo maintenance work this quarter, Canadian Natural Resources Ltd. said in an earnings statement.

The Ninian field comprises three platforms and, along with other fields, the crude from that area is exported to the Sullom Voe terminal via the Ninian Pipeline System, according to Canadian Natural’s website. Sullom Voe is the loading terminal for the Brent blend.

Mediterranean/Urals

Urals blend advanced 1 cent to a premium of 51 cents a barrel to Dated Brent in the Mediterranean, data compiled by Bloomberg show.

Socar failed to sell 650,000 barrels of Azeri Light for Aug. 20 to Aug. 24 loading at a premium of $2.75 a barrel to Dated Brent, on a delivered basis to Augusta, Italy, according to the survey.

West Africa

Hindustan Petroleum Corp. is seeking to buy crude for loading in September, said two traders who asked not to be identified because the information is confidential.

The tender closes on Aug. 13 and offers are valid until the following day, they said.

Nigerian benchmark Qua Iboe rose 2 cents to $1.48 a barrel more than Dated Brent, the highest since June 18, according to data compiled by Bloomberg.

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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