Forties Crude Rises; Nigeria December Exports to Drop on Delays

North Sea Forties crude differentials remained at the lowest level in two months amid an absence of deals. There were also no bids or offers for Russian Urals blend.

Nigeria plans to boost crude exports in January to the most in four months after 14 percent of December shipments were deferred, loading programs obtained by Bloomberg News showed.

North Sea

There were no transactions, bids or offers for North Sea grades, according to a Bloomberg survey of traders and brokers monitoring the Platts 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 43 cents less than Dated Brent, compared with a discount of 37 cents yesterday. It’s the widest discount since Oct. 1, data compiled by Bloomberg show.

Royal Dutch Shell Plc yesterday sold Forties lot F1204 for loading on Dec. 11 to Dec. 13 to BP Plc at 50 cents a barrel less than Dated Brent, the lowest price since Sept. 28.

Brent for January settlement traded at $108.83 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $109.93 yesterday. The February contract was at $108.01, a discount of 82 cents to January.

Abu Dhabi National Energy Co., known as Taqa, bought stakes in the North Sea Harding, Maclure and Devenick fields for $1.1 billion from BP. The deal includes non-operated interests in the Brae and Braemar fields. The company also owns the North Cormorant, Eider and Tern deposits.

Mediterranean/Urals

There were no bids or offers of Urals in Northwest Europe or the Mediterranean, according to the survey.

Urals was 5 cents higher at 85 cents less than Dated Brent in the Mediterranean, according to data compiled by Bloomberg.

OAO Rosneft, Russia’s largest oil producer, awarded its tender to sell three Urals cargoes for loading in December to Total SA and Vitol Group, according to four traders who participate in the market.

Total got two lots of 100,000 metric tons each for Dec. 21 to Dec. 22 and Dec. 23 to Dec. 24 from the Baltic Sea port of Primorsk, and Vitol won a 140,000 ton shipment for Dec. 18 to Dec. 19 from Novorossiysk on the Black Sea, said the people, who declined to be identified, because the information is confidential.

OAO Surgutneftegas sold via tender four cargoes of Urals to Total for loading from two Baltic ports, said three traders with knowledge of the matter.

The company sold the shipments for Dec. 16 to Dec. 17 and Dec. 18 to Dec. 19 from Ust-Luga, the people said, declining to be identified because the information is confidential. The first cargo was originally allocated as a free export slot in the latest loading program.

Surgutneftegas also awarded shipments for Dec. 12 to Dec. 13 and Dec. 15 to Dec. 16 from Primorsk, they said. Each consignment comprises 100,000 tons.

Sonatrach, the Algerian state-run oil producer, raised its official selling price for benchmark Saharan Blend crude for loading in December to 60 cents a barrel more than North Sea Dated Brent, according to a price list from the company.

This compares with a premium of 25 cents a barrel for November.

West Africa

Qua Iboe crude was unchanged at $1.75 a barrel more than Dated Brent, according to data compiled by Bloomberg.

Nigeria will export 75 cargoes in January totaling 66.8 million barrels, or 2.16 million barrels a day, according to the plans. That includes 12 consignments that were deferred from the previous month. Shipments in December were as a result revised lower to 2.05 million following the postponement of about 340,000 barrels a day of supplies.

Chad plans to export three cargoes of Doba in January, one less than December, according to a loading program obtained by Bloomberg News. Each lot comprises 950,000 barrels, the plan showed.

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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