The Buzzard oil field’s share in Forties rose to 39 percent for the week ending March 10, which was the highest proportion in a month, according to data published on BP Plc (BP/)’s website.
Trafigura offered Forties lot F0321 at 25 cents a barrel less than Dated Brent for loading March 30 to April 1, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. The cargo had been advanced by three days, according to two people with knowledge of the matter, who asked not to be identified as the information isn’t public.
That offer compares with trades yesterday at discounts of 55 cents and 60 cents to the benchmark.
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 was unchanged at a discount of 56 cents to Dated Brent, according to data compiled by Bloomberg.
Brent for April settlement traded at $109.42 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $108.65 in the previous session. The more actively traded May contract was at $108.75, a discount of 67 cents to April, which expires later today.
Total failed to find a seller for Urals for a second day, the Platts survey showed. The company bid at a discount of $1.70 a barrel to Dated Brent on a delivered basis to Augusta, Italy for 80,000 metric tons of the grade. That’s 40 cents higher than yesterday and the smallest discount since Feb. 20, according to data compiled by Bloomberg.
Eni bid at $1.90 less than the benchmark for 140,000 tons of Urals, according to the survey.
The Urals discount to Dated Brent in the Mediterranean narrowed by 35 cents to $2.10 a barrel, data compiled by Bloomberg show. In northwest Europe, the discount was at $1.90 a barrel, compared with $1.84 in the previous session, which was the narrowest since Feb. 20.
Benchmark Nigerian Qua Iboe blend fell by 2 cents to $3.33 a barrel more than Dated Brent, Bloomberg data show. That’s the lowest since Feb. 28.
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