Total Offers Forties Crude; Angola Cuts Exports to 9-Month Low
Total SA failed to sell a cargo of North Sea Forties as an extra shipment was added to the May loading program. Gunvor Group Ltd. bid unsuccessfully for Russian Urals blend even as it bid at the highest level in almost six months.
Angola, Africa’s second-largest oil producer, will cut exports in June to 51 cargoes, one less than in a preliminary plan and the lowest in nine months, according to a final loading program obtained by Bloomberg News. Nigeria postponed five Bonny Light crude cargoes to June from May.
Total offered Forties for loading May 17 to May 19 at a discount of 25 cents a barrel to Dated Brent without finding a buyer, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. That compares with an April 24 trade at minus 40 cents.
Mercuria Energy Trading SA was bidding for the grade loading May 22 to May 26 at 25 cents less than the benchmark, 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 narrowed by 4 cents to a discount of 36 cents a barrel to Dated Brent, according to data compiled by Bloomberg.
Brent for June settlement traded at $103.44 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $103.11 in the previous session. The July contract was at $103.15 at the same time today, a discount of 29 cents to June.
Forties lot F0523 will load from May 28 to May 30, according to two people with knowledge of the matter, who asked not to be identified because the information is confidential.
Gunvor bid unsuccessfully for Urals loading May 18-22 at 70 cents less than Dated Brent on a delivered basis to Rotterdam, the Platts survey showed. That compares with an April 19 trade at minus $1.20 and is the narrowest since Nov. 1, according to data compiled by Bloomberg.
The Urals discount to Dated Brent in the Mediterranean shrank by 3 cents to 25 cents a barrel, data compiled by Bloomberg show. In northwest Europe, the discount was at $1.07 a barrel compared with $1.13 at the close of the previous session. That’s the smallest since Feb. 1, the data show.
OAO Surgutneftegas sold four Urals cargoes for loading in May from Baltic ports to Eni SpA and China International United Petroleum & Chemical Co., known as Unipec, according to two people with knowledge of the matter.
The company also issued a tender to sell three more May- loading cargoes, the people said, asking not to be identified as the information is confidential.
About 66.7 million barrels of the blend will be exported from the Basrah Oil Terminal, according to the plan. That equates with 2.15 million barrels a day this month and compares with average daily shipments in April of 2.29 million barrels.
Benchmark Nigerian Qua Iboe blend rose 10 cents to $3.31 a barrel more than Dated Brent, data compiled by Bloomberg show. That’s the most since April 12.
Angola will ship 49 million barrels, or 1.63 million barrels a day, the plan showed. That compares with 56.7 million barrels, or 1.83 million barrels a day, in May and is the least since September, when daily exports were 1.63 million barrels, according to data compiled by Bloomberg.
Nigeria will now ship three cargoes of Bonny Light crude in May, the lowest in more than three years, according to revised loading programs obtained by Bloomberg News.
Shipments of Bonny in May will total about 92,000 barrels a day compared with 112,867 barrels planned for June and is the lowest since Oct. 2009.
Equatorial Guinea plans to keep exports of its Aseng crude unchanged at two cargoes in June, a loading program obtained by Bloomberg News shows.
One was for 950,000 barrels and the other is 650,000 barrels, according to the plan. The country will also ship three consignments of its Zafiro blend and two of Ceiba, earlier schedules showed.
Bharat Petroleum Corp. bought 3 million barrels of crude for loading in June via a tender, said four traders who asked not to be identified because the information is confidential.
Indian second-largest state refiner purchased about 1 million barrels of Algeria’s Saharan Blend for loading June 5 to June 15 from BP Plc and about 2 million barrels of Angola’s Nemba crude for loading June 1 to June 10 from Vitol Group, two of the traders said.
PT Pertamina, Indonesia’s state-owned oil company, is seeking to buy low-sulfur crude for delivery in July to its Balikpapan and Cilacap refineries, said two people with knowledge of the tender. They asked not to be identified because they aren’t authorized to speak to the media.
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