Gunvor Seeks Forties Crude; Eni Bids Urals at Four-Month High

Gunvor Group failed to buy North Sea Forties crude at a lower differential than yesterday’s trades. Eni SpA (ENI) didn’t manage to buy Russian Urals blend in the Mediterranean even after raising its bid to the highest level in more than four months.

North Sea

Gunvor was unable to buy Forties for June 26 to June 30 loading at 30 cents a barrel less than Dated Brent, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. That compares with trades at discounts of 15 and 20 cents yesterday.

No bids or offers were made for Ekofisk and Oseberg.

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 was at 10 cents less than Dated Brent, compared with a discount of 40 cents yesterday, according to data compiled by Bloomberg.

Brent for August settlement traded at $106.04 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $103.90 in the previous session. The September contract was at $105.68 at the same time today, a discount of 36 cents to August.

Apache Corp. (APA) will shut its Beryl B oil platform for 48 hours in July for planned maintenance, Patrick Cassidy, a Houston-based spokesman for the company said in an e-mailed response to questions.

Deferred output from Beryl and satellite fields for the two days is estimated at 30,000 to 45,000 barrels of oil equivalent, he said. Crude will continue to be exported from the Beryl A platform during the maintenance.

Mediterranean/Urals

Eni failed to buy 80,000 metric tons of Urals for June 29 to July 3 at 5 cents a barrel less than Dated Brent on a delivered basis to Augusta in Italy, 5 cents more than its bid yesterday, according to the survey. This is the highest bid since Jan. 22.

Urals in the Mediterranean rose by 23 cents to a discount of 5 cents a barrel to Dated Brent, the highest since May 22, data compiled by Bloomberg showed. In northwest Europe, the discount was 23 cents to the benchmark, versus minus 30 cents in the previous session.

West Africa

Only three or four benchmark Nigerian Qua Iboe cargoes for July loading are still available, said three trades who participate in the market, asking not to be identified as the information is confidential. The number of unsold shipments is normal for this time of a month, they said.

The grade recently changed hands at about $2 to $2.50 a barrel more than Dated Brent, they said.

Qua Iboe rose by 2 cents to a premium of $2.30 a barrel to 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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