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Vitol Fails to Buy Forties; BFOE Crude Exports at 9-Month High

Vitol Group bid unsuccessfully for two cargoes of North Sea Forties crude, one of which was at the same price as a trade in the previous session. Statoil ASA didn’t find a buyer for a consignment of Oseberg.

Daily exports of North Sea Brent, Forties, Oseberg and Ekofisk crudes, which make up the Dated Brent benchmark, will rise in February to the most in nine months, loading programs obtained by Bloomberg News show.

North Sea

Vitol failed to find a seller for a Forties cargo loading Jan. 23 to Jan. 26 at $1.50 a barrel more than Dated Brent and also for a Jan. 28 to Feb. 3 lot at plus $1.30, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. That compares with a Jan. 21 to Jan. 23 shipment it bought at $1.50 more than the benchmark on Jan. 4.

Statoil ASA failed to find a buyer for Oseberg lot 20130104 for loading from Jan. 21 to Jan. 23 at $1.80 more than Dated Brent, according to the survey.

Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time. Forties loading in 10 to 25 days rose to $1.49 more than Dated Brent, data compiled by Bloomberg show. That compares with a $1.42 premium in the previous session and is the most since March 12.

Brent for February settlement traded at $111.24 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $111.28 in the previous session. The March contract was at $110.16, a discount of $1.08 to February.

BFOE exports next month will be 942,857 barrels a day compared with 812,903 barrels in January, according to the plans. That’s the most since May when loadings totaled 956,452 barrels a day.

Forties shipments is set to increase by 24 percent in February to 407,143 barrels a day. Oseberg will rise by 10.7 percent to 128,571 barrels while Ekofisk will gain 20 percent to 278,571 barrels. Brent is set to fall 5.1 percent to 128,571 barrels a day.

Exports of Troll grade will drop by three cargoes to 11 lots next month, while Alvheim shipments will fall to four lots and Foinaven to one, separate loading programs obtained by Bloomberg News showed. Grane and Aasgard will be stable at four consignments and six, respectively.

Shipments of Gullfaks will rise to six lots while Statfjord will increase to five cargoes, according to separate schedules.

Mediterranean/Urals

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

The Urals differential to Dated Brent in the Mediterranean was at minus 85 cents, 8 cents narrower than on Jan. 4, according to data compiled by Bloomberg. In northwest Europe, the discount decreased to $1.25 from $1.29 in the previous session, the data showed.

PKN Orlen SA, Poland’s largest oil company, bought 100,000 tons of Urals from OAO Lukoil’s Litasco unit, according to two people with knowledge of the matter.

Orlen purchased the Jan. 21 to Jan. 25 cargo for loading from Primorsk port in the Baltics, the people said asking not to be identified because the information is confidential.

West Africa

Benchmark Nigerian Qua Iboe blend dropped 3 cents to $2.38 a barrel more than Dated Brent, data compiled by Bloomberg show.

Bharat Petroleum Corp., India’s second-biggest state refiner, is seeking to buy crude for loading either in February or March, according to a tender obtained by Bloomberg News.

Loading is either from Feb. 24 to Feb. 28 or from March 1 to March 10, the document showed. The tender closes Jan. 15 at 3 p.m. local time with offers valid until 7 p.m. the next day.

Libya’s state-run National Oil Corp. kept its official selling price of benchmark Es Sider crude for January unchanged at parity to Dated Brent, according to a price list obtained by Bloomberg News.

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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