Glencore Buys North Sea Forties Crude; Socar Offers Azeri Cargo

Glencore Xstrata Plc (GLEN) bought a cargo of North Sea Forties crude after increasing its bid. Socar Trading SA failed to sell a cargo of Azeri Light crude.

North Sea

Statoil ASA sold the cargo of Forties to Glencore for loading June 1 to June 3 at 15 cents a barrel more than Dated Brent, up from a bid at 5 cents yesterday, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window.

Royal Dutch Shell Plc didn’t manage to buy two shipments of North Sea crude, including a Forties cargo for June 4 to June 7 at a 10 cents a barrel more than Dated Brent and an Oseberg consignment for June 7 to June 9 at a $1.10 premium, according to the survey.

Mercuria Energy Trading SA bid unsuccessfully to buy Brent crude for May 29 to May 31 at 15 cents over Dated Brent, Ekofisk for June 2 to June 4 at a $1.05 premium and Forties for May 26 to May 28 at a 15-cent discount, according to the survey of Platts.

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 rose by 5 cents to a discount of 11 cents a barrel to Dated Brent.

Brent for June settlement traded at $102.78 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $102.72 in the previous session. The July contract was at $102.69 at the same time today, a discount of 9 cents to June.

Mediterranean/Urals

There were no public bids or offers for Russian Urals crude. The grade in the Mediterranean fell by 1 cent to a discount of 10 cents a barrel to Dated Brent, data compiled by Bloomberg showed. In northwest Europe, the discount was 85 cents a barrel, compared with 81 cents yesterday.

Socar offered to sell a 600,000-barrel cargo of Azeri Light crude for May 24 to May 28 at $2.65 a barrel more than Dated Brent, without finding a buyer.

West Africa

Benchmark Nigerian Qua Iboe blend fell by 3 cents to $3.27 a barrel more than Dated Brent, data compiled by Bloomberg showed.

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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