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Total Fails to Buy Forties Crude; Surgut Sells Urals to Statoil

Total SA (FP) failed to buy North Sea Forties at a higher price than yesterday. Statoil ASA sought to buy Russian Urals crude without success at a lower differential to Dated Brent than in the previous session.

OAO Surgutneftegas sold 100,000 metric tons of Urals for July 12 to July 13 loading from Ust-Luga to Statoil at a premium of about 45 to 50 cents a barrel to Dated Brent, said three traders who participate in the market, asking not to be identified because the information is confidential.

North Sea

Total failed to buy Forties for July 16 to July 22 at 10 cents a barrel more than Dated Brent, 5 cents higher than its bid yesterday, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed.

Total was also unable to buy Ekofisk for July 17 to July 24 at 75 cents a barrel more than Dated Brent, or 5 cents higher than yesterday, 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 was 5 cents more than Dated Brent, compared with a discount of 13 cents yesterday, according to data compiled by Bloomberg.

Brent for August settlement traded at $102.53 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $102.94 in the previous session. The September contract was at $102.12 at the same time today, a discount of 41 cents to August.

Mediterranean/Urals

Statoil failed to buy 100,000 tons of Urals for July 9 to July 13 loading at parity to Dated Brent on a delivered basis to Rotterdam, down from its bid at a premium of 20 cents yesterday, the survey showed.

BP Plc (BP/) didn’t manage to buy the grade for July 18 to July 22 loading at the same price on a delivered basis to Augusta, Italy, according to the survey.

Urals in the Mediterranean rose by 5 cents to a discount of 15 cents a barrel to Dated Brent, data compiled by Bloomberg showed. In northwest Europe, the grade was at 25 cents a barrel more than Dated Brent, compared with a premium of 16 cents yesterday. That’s the highest since Aug. 16.

Surgutneftegas issued a tender to sell three 100,000-ton cargoes of Urals for loading from the Baltic Sea ports, according to two people with knowledge of the matter.

Two shipments are for loading from July 22 to July 23 and July 24 to July 25 from Primorsk, and one for loading on July 20 to July 21 from Ust-Luga, they said. The tender closes on July 1.

OAO Rosneft and OAO Transneft resolved a tug-boat dispute at Primorsk, allowing normal operations to resume at the Baltic oil-export terminal, said a spokesman for Transneft, Russia’s pipeline operator.

West Africa

Total offered 950,000 barrels of Angolan Cabinda crude for loading on Aug. 2 to Aug. 3 at 30 cents a barrel more than Dated Brent, the survey showed.

Nigerian Benchmark Qua Iboe fell 1 cent to $2.18 a barrel more than Dated Brent, data compiled by Bloomberg showed.

Chad will export three cargoes of 950,000 barrels each of Doba crude for loading in August, unchanged from July, according to a shipping schedule obtained by Bloomberg News.

To contact the reporters on this story: Sherry Su in London at lsu23@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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