Trafigura Sells Ekofisk Crude; Buzzard Field at Full Production

Trafigura Beheer BV sold a cargo of North Sea Ekofisk crude at a smaller differential than the previous offer. Total SA, BP Plc and Trafigura all failed to sell Forties.

The Buzzard oil field returned to full production over the past two days, according to two people with direct knowledge of the matter, who asked not to be identified as the information is confidential.

North Sea

Total bought Ekofisk cargo C11387 for loading June 24 to June 26 at 70 cents a barrel more than Dated Brent, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. That compares with an offer on June 5 at a $1 premium.

Total offered Forties crude at 35 cents less than Dated Brent for loading June 23 to June 25 without finding a buyer, the survey showed. That’s the lowest since May 13, according to data compiled by Bloomberg.

Trafigura was unsuccessful with its offer at plus 15 cents while BP failed to sell Forties at 10 cents less than the benchmark and Ekofisk at 95 cents more than Dated Brent, according to the survey.

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 narrowed by 1 cent to 4 cents a barrel less than Dated Brent, according to data compiled by Bloomberg.

Brent for July settlement traded at $104.08 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $104.36 in the previous session. The August contract was at $104.02 at the same time today, a discount of 6 cents to July.

Norne crude exports for July are set to be three cargoes of 600,000 barrels each, Njord loadings are comprised of one lot of 320,000 barrels and another of 500,000 and shipments of Heidrun blend will total two 600,000-barrel lots and one of 750,000, according to three separate loading programs obtained by Bloomberg News.

North Sea oil exports to South Korea are “likely to be maintained at around half the 110,000 barrel a day level seen during the whole of 2012,” Vienna-based analysts JBC Energy GmbH said today in a report.

Mediterranean/Urals

Total bid unsuccessfully for 80,000 metric tons of Urals for June 26 to June 30 loading at 70 cents a barrel less than Dated Brent on a delivered basis to Augusta in Italy, the survey showed. That compares with a June 6 trade at minus 35 cents.

Urals in the Mediterranean fell by 27 cents to a discount of 77 cents a barrel to Dated Brent, the widest since April 4, data compiled by Bloomberg showed. In northwest Europe, the discount was 54 cents to the benchmark, versus minus 15 cents in the previous session. That’s the lowest since May 17.

West Africa

Benchmark Nigerian Qua Iboe blend fell by 1 cent to a premium of $2.20 a barrel to Dated Brent, data compiled by Bloomberg showed.

To contact the reporters on this story: Rupert Rowling in London at rrowling@bloomberg.net; Laura Hurst in London at lhurst3@bloomberg.net

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

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