North Sea Forties at Two-Week Low; Nigeria Crude Supplies Fall

North Sea Forties crude fell to its lowest level in two weeks as Vitol Group sold its ninth cargo since March 28.

Crude supplies in Nigeria fell by 50,000 barrels a day to 1.95 million barrels, the fewest in four months, the International Energy Agency said today in its monthly report.

North Sea

Vitol sold the Forties cargo to Total SA for loading April 27 to April 29 at 60 cents less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That was 25 cents lower than yesterday’s trade and the biggest discount since March 28, according to data compiled by Bloomberg. Total has bought eight of the nine consignments that Vitol has sold.

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 widened by 6 cents to a discount of 32 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent futures for May settlement traded at $104.74 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $105.65 yesterday. The June contract was $104.86 at the same time today, a premium of 12 cents to May.

Exports of North Sea Foinaven crude will be two cargoes in May, unchanged from this month, according to a loading program obtained by Bloomberg News.

Mediterranean/Urals

There were no bids or offers for Russian Urals crude for a second day, the survey of brokers monitoring Platts showed.

The Urals discount to Dated Brent in the Mediterranean narrowed by 2 cents to 64 cents a barrel, data compiled by Bloomberg show. That was the least since Feb. 1. In northwest Europe, the discount was at $2.08 a barrel versus $2.06 at yesterday’s close.

West Africa

Benchmark Nigerian Qua Iboe blend dropped 2 cents to $3.43 a barrel more than Dated Brent, data compiled by Bloomberg show.

Royal Dutch Shell Plc (RDSA)’s plan to close the Nembe Creek pipeline this month for maintenance may affect as much as 150,000 barrels a day of Bonny and Forcados production, the IEA said. The loading programs for Nigerian and Angolan crude for June are due to be published next week.

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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