Shell, Statoil Bid Forties; Nigeria to Export 65 Crude Cargoes

Royal Dutch Shell Plc and Statoil ASA didn’t find a seller for North Sea Forties crude for a second day. Trafigura Beheer BV failed to offload a cargo of Ekofisk blend.

Nigeria, Africa’s largest oil producer, is scheduled to export 65 crude shipments in February, according to a partial loading program that excluded one grade. This is almost equal to the full January export plan.

North Sea

Shell bid at a premium of 80 cents to Dated Brent for a Jan. 8 to Jan. 10 loading consignment, the same level as yesterday, according to a survey of traders and brokers monitoring the Platts pricing window. Statoil sought to buy at the same price for Jan. 8 to Jan. 11 cargo, 15 cents more than its bid yesterday, the survey showed.

Trafigura offered Ekofisk consignment C11324 for loading on Jan. 4 to Jan. 6 at a $1.95 premium to Dated Brent, according to the survey. The cargo has been advanced by two days, two people with knowledge of the matter said.

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 1 cent to 74 cents more than Dated Brent, data compiled by Bloomberg show.

Brent for February settlement traded at $108.75 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $108.07 in the previous session. The March contract was at $107.87, a discount of 88 cents to February.

Two January Ekofisk cargoes were deferred to load in February, the people said, declining to be identified because the information is confidential. Consignment C11327 will now load on Feb. 1 and lot C11330 on Feb. 4, they said.

Exports of Troll crude in January will increase to 14 cargoes, one more than this month, a loading program obtained by Bloomberg News showed.

The plan comprises 10 lots of 600,000 barrels, three of 300,000 barrels and one of 1 million barrels. This compares with 12 consignments of 600,000 barrels each and one shipment of 1 million barrels in December.

Mediterranean/Urals

There were no bids or offers for Urals crude, according to the Platts survey.

The Urals differential to Dated Brent in the Mediterranean widened 2 cents to minus 28 cents, according to data compiled by Bloomberg. In northwest Europe, the discount to Dated Brent was unchanged at $1, the data showed.

West Africa

Daily exports from Nigeria in February are scheduled to be 2.12 million barrels, according to the plan. Total shipments for next month are planned at 2.16 million, the full program for January showed.

The country plans to ship 12 consignments of its benchmark Qua Iboe grade in February, one more than a revised schedule for next month, the program showed. Exports of Bonny Light blend will also increase by one lot to seven cargoes.

The African nation will export eight cargoes of Forcados, six of Agbami, five each of Bonga and Brass River, four lots of Usan, three each of Akpo, Erha and Escravos, two each of Antan, Okono and Yoho and one consignment each of Abo, EA Blend and Okwori, the plans showed. No shipment of Pennington was planned for February.

Equatorial Guinea is set to increase exports of Zafiro crude in February while Gabon is scheduled to ship two lots of its Rabi Light grade, according to two loading programs.

Three 950,000 barrel consignments of Zafiro are to be shipped in February, two more than next month, the plan showed. Exports of Gabon’s Rabi Light are set to be two lots of 650,000 barrels, unchanged from January, a second schedule showed.

Ghana will ship three cargoes of 950,000 barrels each of Jubilee crude in February, unchanged from January, according to a loading program obtained by Bloomberg News.

CPC Corp., a Taiwan state-run oil company, issued a tender to buy low-sulfur crude for delivery in March, according to a document obtained by Bloomberg News.

The tender closes tomorrow at 10 a.m. local time, with offers valid until 7 p.m. on Dec. 21, the document showed.

Qua Iboe blend gained 4 cents to at $2.67 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: Rupert Rowling in London at rrowling@bloomberg.net

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

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