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Shell Bids for Forties Crude; Surgut Offers Urals Via Tender

Royal Dutch Shell Plc (RDSA) wasn’t able to buy North Sea Forties crude even after raising its bid to a higher level than the previous day. There were no bids or offers for Russian Urals blend in the Platts window.

OAO Surgutneftegas is said to be offering three 100,000 metric-ton cargoes of Urals for loading from northwest Europe in August via a tender, according to two people with knowledge of the matter, asking no to be identified because the information is confidential.

North Sea

Shell failed to buy Forties for loading from Aug. 17 to Aug. 23 at a premium of 70 cents a barrel to Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. The company sought to buy a cargo for earlier shipment yesterday at plus 65 cents.

There were no bids or offers for Brent, Oseberg or Ekofisk. Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time.

Brent for September settlement traded at $106.95 cents barrel on the ICE Futures Europe exchange at the close of the window, compared with $107.32 in the previous session. The October contract was at $106.09, a discount of 86 cents to September.

Mediterranean/Urals

Surgut is said to be offering Urals for loading Aug.14 to Aug. 15 and Aug. 19 to Aug. 20 from Ust-Luga on the Baltic Sea. The company is offering a third shipment loading on Aug. 20 to Aug.21, from Primorsk, also on the Baltic Sea. The tender closes July 29.

Urals last sold in the Platts window on July 24 at a premium of 65 cents a barrel to Dated Brent, according to the survey. No offers were made in the window for a second day.

Russia will export 3.8 million tons of Urals from Primorsk in August, or 898,516 barrels a day, the lowest level in at least five years, a final loading program seen by Bloomberg News shows.

Loadings from Ust-Luga are scheduled at 1.8 million metric tons, unchanged from a preliminary plan obtained by Bloomberg on July 26.

Exports from Novorossiysk in the Baltic Sea are scheduled at 2.789 million tons of Urals and 240,000 tons of Siberian Light crude.

Iraq halted crude flows through the Turkish port of Ceyhan today at 7 a.m. local time, according to port agent Boutros Maritime & Transport SA. Crude flows were restored yesterday around midday after leaks were fixed, North Oil Co. said in a statement on Thursday.

West Africa

Angola, Africa’s second-largest oil producer, will export 52 crude cargoes in September, three less than August, a final loading program obtained by Bloomberg News showed.

Exports will total 49.955 million barrels, or 1.67 million barrels a day, in September, the plan showed. That compares with a revised schedule of 52.74 million barrels, or 1.7 million barrels a day next month. Most shipments are of 950,000 to 1 million barrels. The final program is in line with the preliminary schedule that was released on July 16.

PT Pertamina, Indonesia’s state-owned oil company, may invite offers next week for crude cargoes for October to December delivery, said a company official.

The company plans to issue a tender on July 30, with offers due the next day, according to the official who asked not to be identified because he isn’t authorized to speak to the media.

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