BP Sells Third Forties Crude; Sonatrach Cuts Saharan Blend Price

BP Plc (BP/) sold its third North Sea Forties crude cargo for June loading at a lower price than the previous trade. No bids or offers were made for Russian Urals.

Algeria’s Sonatrach Group reduced its official selling price for benchmark Saharan Blend crude for June shipments to 85 cents a barrel less than Dated Brent, according to an e-mailed price list from the company. This compares with a premium of 30 cents for May.

North Sea

BP sold Forties for June 8 to June 10 to Royal Dutch Shell Plc (RDSA) at 30 cents a barrel less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares with its trade yesterday at a discount of 10 cents.

Trafigura Beheer BV failed to sell Forties for June 15 to June 17 at 30 cents a barrel less than the cash cost of North Sea crude for August, according to the survey.

Statoil ASA (STL) was unable to buy Oseberg for June 16 to June 18 at 85 cents a barrel more than Dated Brent, while Total SA didn’t manage to buy the grade for June 21 to June 23 at the same premium, the survey showed.

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 15 cents to a discount of 6 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent for July settlement traded at $102.90 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $104.29 yesterday. The August contract was at $102.68 at the same time today, a discount of 22 cents to July.

Mediterranean/Urals

Urals in the Mediterranean rose by 2 cents to a discount of 15 cents a barrel to Dated Brent, data compiled by Bloomberg showed. In northwest Europe, the discount was at 14 cents a barrel to the benchmark, compared with minus 25 cents yesterday.

Socar Trading SA sold 600,000 barrels of Azeri Light for June 8 to June 12 to Total at $1.70 a barrel more than Dated Brent, the survey showed.

OAO Surgutneftegas sold 100,000 metric tons each of Baltic Urals to Total and Shell via a tender, according to two people with knowledge of matter who asked not to be identified because the information is confidential.

Total was awarded the shipment for June 19 to June 20 loading from Ust-Luga while Shell got a June 22 to June 23 cargo from Primorsk, they said.

Russia plans to ship less than 1 million barrels a day of Urals from Primorsk for the first time in about five years, a final loading program showed.

Primorsk will ship 39 cargoes in June totaling 3.9 million tons, or 953,000 barrels a day, down 16 percent from this month, the schedule obtained by Bloomberg News showed. The port has loaded more than 1 million barrels a day every month since at least March 2008, when Bloomberg began tracking the data.

Ust-Luga will ship 19 cargoes of 100,000 tons each, according to the program. That amounts to 464,000 barrels a day, 6.5 percent less than planned this month.

Primorsk has three unassigned slots and Ust-Luga has two positions available, according to the program. The volumes and number of unassigned positions are the same as in a preliminary program obtained May 24. Each slot is for 100,000 tons.

Exports from Novorossiysk on the Black Sea will be 3.163 million tons next month. That includes about 753,000 barrels a day of Urals, up 13 percent from May, and 20,000 barrels a day of Siberian Light grade. There is one unassigned Urals cargo of 80,000 tons at the port.

West Africa

Benchmark Nigerian Qua Iboe blend fell by 5 cents to $2.25 a barrel more than Dated Brent, data compiled by Bloomberg showed. That’s the least since Feb. 22.

PT Pertamina, Indonesia’s state-owned oil company, is seeking to buy as much as 4.4 million barrels of low-sulfur crude for August delivery to its Balikpapan and Cilacap refineries, a tender document obtained by Bloomberg News showed. The tender closes tomorrow, with one-day validity.

Nigeria raised exports of Akpo crude for June to six cargoes of 1 million barrels each from four in the original plan, according to a revised loading program.

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

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

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