Statoil Offers Oseberg Crude; Nigeria Exports Drop to 3-Year Low

Statoil ASA failed to sell North Sea Oseberg crude for a second day. There were no bids or offers for Forties and Russian Urals blend.

Nigeria will ship no cargoes of Bonny Light crude in June, leaving a gap in its loading plans that will reduce the country’s exports to the lowest in three years, people with knowledge of the matter said, asking not to be identified as the information is confidential.

North Sea

Statoil offered Oseberg for loading May 17 to May 19 at a premium of $1.10 a barrel to Dated Brent, the same level as yesterday, without finding a buyer, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed.

There were no bids or offers for Forties for the first time since April 17, according to the survey. It traded yesterday at 40 cents less than 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 widened by 12 cents to a discount of 40 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent for June settlement traded at $103.11 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $102.51 in the previous session. The July contract was at $102.88 at the same time today, a discount of 23 cents to June.

Mediterranean/Urals

There were no bids or offers for Urals crude for a fifth day, the Platts survey showed. The grade traded at a discount of 40 cents to the benchmark in the Mediterranean and minus $1.20 in northwest Europe on April 19.

The Urals discount to Dated Brent in the Mediterranean was unchanged at 28 cents a barrel, data compiled by Bloomberg show. In northwest Europe, the discount was at $1.13 a barrel compared with $1.18 at yesterday’s close. That’s the narrowest since Feb. 1, the data show.

Russia’s seaborne Urals exports are set to fall by 12 percent in May, according to a final loading program obtained by Bloomberg News.

Loadings from Primorsk will be 4.806 million metric tons and 2.2 million tons from Ust-Luga, the plan showed. Urals exports from Novorossiysk are set to be 2.96 million tons as well as 320,000 tons of Siberian Light, according to the plan.

West Africa

Benchmark Nigerian Qua Iboe blend rose 5 cents to $3.21 a barrel more than Dated Brent, data compiled by Bloomberg show.

Nigeria will export 61 cargoes in June totaling 54.7 million barrels, or 1.82 million a day, according to loading plans obtained by Bloomberg News. That compares with 76 shipments, or 2.1 million barrels a day, scheduled to be exported next month and is the lowest since March 2010, when daily exports were 1.81 million barrels, data compiled by Bloomberg show.

Equatorial Guinea plans to keep exports of its Ceiba crude in June unchanged from May at two cargoes, a loading program obtained by Bloomberg News shows.

The country will ship three consignments of its Zafiro blend, a schedule on April 17 showed. The plan for Aseng, the nation’s third export grade, wasn’t yet available.

Mangalore Refinery and Petrochemicals Ltd. bought about 600,000 barrels from BP Plc of Nigeria’s Okono crude for loading in the first half of June via tender, according to three people with knowledge of the matter, who asked not to be identified as the information is confidential.

PT Pertamina, Indonesia’s state-owned oil company, issued a third tender to buy low-sulfur, or sweet, crudes for delivery in July, August and September for its Balikpapan and Cilacap refineries, a company official said, asking not to be identified because he isn’t authorized to speak to the media.

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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