Glencore Buys Forties Crude; Mediterranean Urals Exceeds Brent

Glencore Xstrata Plc bought a cargo of North Sea Forties crude at the highest differential in more than two months.

Russian Urals crude exceeded the cost of the Dated Brent benchmark in the Mediterranean for the first time in more than eight months, according to data compiled by Bloomberg.

North Sea

Glencore purchased Forties lot F0519 from Royal Dutch Shell Plc for loading May 26 to May 28 at 5 cents a barrel more than Dated Brent, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. That compares with an April 30 trade at 35 cents less than the benchmark and is the highest since Feb. 28, according to data compiled by Bloomberg.

The traded cargo was deferred by two days, according to two people with knowledge of the loading program, who asked not to be identified because the information is confidential.

China National United Oil Corp., or Chinaoil, failed to sell the grade at 40 cents less than Dated Brent for May 21 to May 23 loading, the survey showed.

Statoil ASA sold Oseberg to BP Plc for loading June 1 to June 3 at 90 cents more than than Dated Brent. The cargo has been deferred by three days, according to two people with knowledge of the schedule.

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 fell by 24 cents to 5 cents a barrel more than Dated Brent. Yesterday’s level was the highest since Feb. 14, according to data compiled by Bloomberg.

Brent for June settlement traded at $104.01 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $103.88 yesterday. The July contract was at $103.77 at the same time today, a discount of 24 cents to June.

Mediterranean/Urals

Statoil bought Russian Urals crude from Shell at 70 cents a barrel less than Dated Brent on a delivered basis to Rotterdam, the Platts survey showed. That compares with a April 19 trade at minus $1.20 and is the highest since Dec. 20, according to data compiled by Bloomberg.

Petroineos, the joint venture between PetroChina Co. and Ineos Group Holdings SA, sold CPC blend to BP Plc at $1.05 a barrel less than Dated Brent, the survey showed.

Urals in the Mediterranean rose by two cents from yesterday to a premium of 1 cent a barrel to Dated Brent, the first time it has been at a premium since Aug. 20, data compiled by Bloomberg show. In northwest Europe, the discount was at 52 cents a barrel compared with 53 cents yesterday. That’s the least since Nov. 5, the data show.

Iraq restored crude exports to Turkey today after repairing a pipeline damaged by a sabotage attack in the northern city of Mosul, the state-run North Oil Co. said. Shipments from the port of Ceyhan on the eastern Mediterranean Sea resumed at an average flow of 335,000 barrels a day, the company said in a statement.

The link was damaged yesterday by an explosive charge, North Oil said.

West Africa

Benchmark Nigerian Qua Iboe blend fell by 5 cents to $3.45 a barrel more than Dated Brent, data compiled by Bloomberg show.

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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