Mercuria Sells Forties Oil; Vitol Offers Urals at Two-Month Low
Mercuria Energy Trading SA sold North Sea Forties crude at the lowest price in more than one month. Vitol Group failed to sell Russian Urals in Rotterdam at the biggest discount to Dated Brent in two months after a final loading program showed an increase in October shipments.
Hindustan Petroleum Corp., India’s third-largest state refiner, bought from Vitol via a tender 1 million barrels of Nigerian Qua Iboe crude for loading in October, said two traders who participate in the market.
Mercuria sold Forties lot F0911 for loading on Sept. 11 to Sept. 13 to Royal Dutch Shell Plc at a discount of 40 cents a barrel to Dated Brent, the lowest since July 25, according to a Bloomberg survey of traders and brokers monitoring the Platts trading window. Mercuria yesterday offered the cargo at a discount of 20 cents.
BP Plc didn’t manage to sell lot F0905 for Sept. 13 to Sept. 15 at 20 cents less than Dated Brent, 5 cents lower than its offer yesterday, the survey showed.
Morgan Stanley failed to sell a Forties cargo for Sept. 15 to Sept. 17 at a 15 cents more than Dated Brent, and also unable to buy a shipment for Sept. 21 to Sept. 23 at a premium of 20 cents to the benchmark, according to the survey.
Trafigura Beheer BV didn’t find sellers for the blend for Sept. 21 to Sept. 23 loading at a premium of 15 cents to Dated Brent, 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 8 cents a barrel less than Dated Brent, down from a premium of 12 cents yesterday, data compiled by Bloomberg show.
Brent for October settlement traded at $112.72 a barrel on the ICE Futures Europe exchange in London at the close of the window, up from $112.41 yesterday. The November contract was $112.28, a 44 cent discount to October.
BP failed to sell Ekofisk crude for Sept. 12 to Sept. 14 for a fourth session at a premium of 30 cents to Dated Brent, the survey showed.
Vitol didn’t manage to sell 100,000 metric tons of Urals for Sept. 9 to Sept. 13 loading at $1.60 a barrel less than Dated Brent on a delivered basis to Rotterdam, the lowest offer since June 18, according to the survey.
No bids or offers were made for Urals in the Mediterranean. The blend was priced at 48 cents a barrel less than Dated Brent, compared with a discount of 53 cents in the previous session, according to data compiled by Bloomberg.
Russia plans to export 59 cargoes of Urals in September from the Baltic Sea port of Primorsk, three more than August, according to a final loading program obtained by Bloomberg News.
Shipments will total 5.905 million tons, compared with 5.605 million tons this month, the schedule showed. The final program has one more cargo than the preliminary plan released on Aug. 24. The extra lot is for loading on Sept. 22 to Sept. 23.
Russia will export 2.866 million tons of crude from the Black Sea port of Novorossiysk next month, including 2.706 million tons of Urals and 160,000 tons of Siberian Light, the plan showed. This compares with 3.624 million tons for August.
Exports of Siberian Light from Novorossiysk were revised down to 160,000 tons from 240,000 tons in the preliminary program.
Urals exports from Ust-Luga on the Baltic Sea will reach a record 2 million tons next month, unchanged from the preliminary plan and up from 1.8 million tons in August, according to the schedule. The final plan includes one cargo that has yet to be allocated.
OAO Rosneft sold four Urals cargoes of 100,000 tons each for loading from of Primorsk to Vitol Group, said two traders who participate in the market.
Nigerian benchmark Qua Iboe rose 6 cents to $1.58 a barrel more than Dated Brent, according to data compiled by Bloomberg.
Bharat Petroleum Corp. bought 1 million barrels of Angolan Nemba crude for loading in the second half of October from Sonangol Holdings, according to three traders with knowledge of the matter, who declined to be identified because the information is confidential.
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