BP Buys North Sea Forties Crude; Caspian CPC Exports to Drop

BP Plc bought a cargo of North Sea Forties crude from Royal Dutch Shell Plc at the highest premium in almost a month. Eni SpA failed to buy Russian Urals blend in the Mediterranean.

The Caspian Pipeline Consortium will reduce crude exports from the Black Sea in January by 17 percent from this month, a program obtained by Bloomberg News showed. Daily exports of Azeri Light grade from the Turkish port of Ceyhan will increase by 2.1 percent in next month, a separate schedule showed.

North Sea

BP purchased Forties lot F1216 at 60 cents a barrel more than Dated Brent for loading Dec. 29 to Dec. 31, according to a survey of traders and brokers monitoring the Platts pricing window. That’s up from a Dec. 6 trade at a 40-cent premium and is the highest since Nov. 13.

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 rose 2 cents to 43 cents more than Dated Brent, according to data compiled by Bloomberg.

Brent for January settlement traded at $109.69 barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $107.42 yesterday. The February contract was at $108.06, a discount of $1.63 to January.

Mediterranean/Urals

Eni made the Urals crude bid at a discount of 45 cents a barrel to Dated Brent on a delivered basis to Augusta, Italy on Dec. 28 to Jan. 1, the survey of Platts showed. That compares with the last trade at minus 55 cents on Dec. 4.

The Urals differential to Dated Brent in the Mediterranean widened 2 cents to a discount of 60 cents, according to data compiled by Bloomberg.

No bids and offers were made for the grade in Northwest Europe, where the discount to Dated Brent widened 2 cents to $1.07 a barrel, from minus $1.05 yesterday, according to data compiled by Bloomberg.

CPC will ship 2.288 million metric tons next month, compared with 2.75 million tons in December, according to the loading program. That’s equal to about 572,738 barrels a day, down from 688,461 this month.

Shipments of Azeri Light via the Baku-Tbilisi-Ceyhan pipeline will total 19.8 million barrels, or 639,000 barrels a day, compared with 626,000 barrels a day in December, a separate schedule showed.

West Africa

Qua Iboe blend increased 1 cent to $2.68 a barrel more than Dated Brent, according to data compiled by Bloomberg. That’s close to an eight-month high at $2.72 on Dec. 10.

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

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

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