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Total Buys Forties at Lower Price; Oseberg Crude Exports to Drop

Total SA bought North Sea Forties crude at lower differentials than the previous transaction. Eni SpA failed to buy Russian Urals blend at a higher price than the last trade in the Mediterranean.

Exports of North Sea Oseberg crude for July are planned at seven cargoes of 600,000 barrels each, three less than this month, a loading program obtained by Bloomberg News showed.

North Sea

Total bought Forties lot F0614 for June 18 to June 20 from Trafigura Beheer BV at 15 cents a barrel less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares with the last trade at parity to the benchmark on June 3.

Glencore Xstrata Plc didn’t manage to buy the blend for June 20 to June 26 at 5 cents a barrel less than Dated Brent, while Eni was unable to find sellers for the grade for June 23 to June 25 at a discount of 15 cents, the survey showed.

BP Plc failed to sell cargo F0618 for June 24 to June 26 at 10 cents a barrel more than Dated Brent, 5 cents lower than its offer yesterday, according to the survey.

Total withdrew its bid for Forties for June 20 to June 26 at a discount of 10 cents, the survey showed.

Statoil ASA failed to sell Oseberg for June 28 to June 30 at $1.30 a barrel more than Dated Brent, unchanged from its offer yesterday, according to the survey. The company also didn’t manage to buy the grade for June 29 to July 1 at a premium of $1.00, the survey showed.

Mercuria Energy Trading SA withdrew its bid for Oseberg for June 26 to June 30 at 95 cents a barrels more than Dated Brent, according to the survey.

BP failed to sell Ekofisk cargo C11386 for June 28 to June 30 at $1 a barrel more than Dated Brent, 5 cents less than its offer yesterday, 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 fell by 1 cent to a premium of 5 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent for July settlement traded at $103.93 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $102.27 in the previous session. The August contract was at $103.64 at the same time today, a discount of 29 cents to July.

Exports of Oseberg for next month will total 4.2 million barrels, or 135,484 barrels a day, compared with 200,000 barrels for June, according to the plan. The June schedule was revised upward to 10 cargoes from an original plan for eight after two May shipments were deferred to this month.

Loadings of Gullfaks for July are planned at six cargoes of 800,000 barrels each, unchanged from this month, while Statfjord programs will be stable at six shipments as well, including four of 800,000 barrels and two of 855,000 barrels, plans showed.

Exports of Troll in July will fall by one lot to 13 cargoes, comprising 12 shipments of 600,000 barrels each and one of 1 million barrels, according to another schedule.

Belgium’s Apetra seeks 100,000 cubic meters, or 630,000 barrels, of Forties crude for delivery in July and August for country’s strategic reserves, Alain de Mot, the agency’s general manager, said by phone today from Brussels. The tender closes on June 10.

Mediterranean/Urals

Eni didn’t manage to buy 80,000 metric tons of Urals for June 26 to June 30 loading at 30 cents a barrel less than Dated Brent on a delivered basis to Augusta, Italy, the survey showed. That compares with a discount of 45 cents for the last trade on May 30.

Glencore withdrew its offer for 80,000 tons of Urals for June 17 to June 21 in the same region at a discount of 45 cents a barrel, according to the survey.

Urals in the Mediterranean fell by 2 cents to a discount of 43 cents a barrel to Dated Brent, data compiled by Bloomberg showed. In northwest Europe, the discount was 10 cents a barrel to the benchmark, versus a 3-cent discount yesterday.

Saudi Arabian Oil Co. reduced its July official selling price for Arab Light blend from the Egyptian port of Sidi Kerir, according to two people with knowledge of the matter.

Saudi Aramco, as the state-run producer is known, cut the differential for Arab Light by 15 cents a barrel to a discount of 90 cents a barrel to the Brent futures weighted average, or BWAVE, published by the Intercontinental Exchange, said the people, who asked not to be identified because the information is confidential.

Prices of all four crude grades from Sidi Kerir were 45 cents more than those shipped from Ras Tanura in the Persian Gulf for customers in the Mediterranean, unchanged from this month, they said.

The Caspian Pipeline Consortium will reduce daily crude exports from the Black Sea in June by 2 percent from May, a final loading program obtained by Bloomberg News showed.

The group, known as CPC, will ship 2.699 million tons, compared with 2.845 million tons in May, according to the schedule. That’s equal to 699,041 barrels a day, down from 713,085 barrels last month.

This compares with 2.67 million tons in the preliminary schedule released on May 14. The final program comprises nine cargoes of 134,000 to 135,500 tons each and 17 consignments of 85,000 to 93,000 tons.

OAO Rosneft took two unassigned positions each at Primorsk, Ust-Luga ports in the Baltic Sea for shipping in June, according to two people with knowledge of matter who asked not to be identified because the information is confidential.

The cargoes from Primorsk are for loading on June 14 to June 15 and June 26 to June 27 while the Ust-Luga lots are for June 18 to June 19 and June 22 to June 23.

OAO Surgutneftegas filled the Primorsk position for loading June 20 to June 21. All cargoes are for 100,000 tons.

West Africa

Benchmark Nigerian Qua Iboe blend fell 2 cents to $2.18 a barrel more than Dated Brent, data compiled by Bloomberg showed.

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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