Shell Sells Forties; Qua Iboe Crude Exports at 16-Month High

Royal Dutch Shell Plc (RDSA) sold a second cargo of North Sea Forties crude in as many days as the price fell to the lowest in 11 days.

Nigeria plans to increase exports of its benchmark Qua Iboe grade in July to the highest in 16 months, according to a loading program obtained by Bloomberg News.

North Sea

Shell sold Forties for loading June 10 to June 12 to Vitol Group at 20 cents a barrel less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares with yesterday’s deal between the two companies at parity to the benchmark and is the lowest since May 10.

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 26 cents to a discount of 4 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent for July settlement traded at $103.74 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $104.93 yesterday. The August contract was at $103.65 at the same time today, a discount of 9 cents to July.

Mediterranean/Urals

There were no bids or offers for Russian Urals grade, the Platts survey showed.

Urals in the Mediterranean rose by 12 cents to a premium of 10 cents a barrel to Dated Brent, data compiled by Bloomberg showed. In northwest Europe, the discount was at 17 cents a barrel to the benchmark, compared with 44 cents yesterday.

West Africa

Benchmark Nigerian Qua Iboe blend fell by 3 cents to $2.87 a barrel more than Dated Brent, data compiled by Bloomberg showed. That’s the least since Feb. 28.

Nigeria will ship 13 cargoes of 950,000 barrels each of Qua Iboe, or 398,387 barrels a day, the plan showed. That compares with daily exports of 316,667 barrels in June and matches the March 2012 figure, according to data compiled by Bloomberg News.

Shipments of Nigeria’s Yoho grade will double to two 950,000-barrel consignments in July, a separate plan showed.

The country cut the official selling prices for Bonny Light and Qua Iboe to $3.20 a barrel more than Dated Brent, Nigerian National Petroleum Corp. said in an e-mail.

Equatorial Guinea plans to keep exports of its Zafiro crude unchanged in July at three cargoes of 1 million barrels each, according to a loading program obtained by Bloomberg News.

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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