Trafigura Fails to Buy Forties; Basrah Light Exports to Decline

Trafigura Beheer BV failed to buy North Sea Forties crude at the same price of the previous bid. There were no bids or offers for Russian Urals blend in the Platts window for a third session.

Iraq will reduce daily exports of Basrah Light crude from the Persian Gulf in August by 4.4 percent, according to a loading program obtained by Bloomberg News.

North Sea

Trafigura didn’t manage to buy Forties for loading on Aug. 17 to Aug. 21 at a premium of 70 cents a barrel to Dated Brent, unchanged from a bid that Royal Dutch Shell Plc (RDSA) placed on July 26, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window.

BP Plc was unable to sell the grade for Aug. 13 to Aug. 15 at a premium of 75 cents to Dated Brent, according to the survey.

No bids or offers were made 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 $107.49 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $106.95 in the previous session. The October contract was at $106.63, a discount of 86 cents to September.

Forties cargo F0804 will be deferred by one day to load on Aug. 15 to Aug. 17, according to two people with knowledge of the loading program. This is the fourth deferral for August-loading shipments.

Mediterranean/Urals

About 64.645 million barrels, or 2.09 million barrels a day, of crude will be exported from the Basrah Oil Terminal in August, according to the loading plan. That compares with 2.18 million barrels a day this month.

The schedule comprises 22 lots of 2 million barrels each, 18 shipments of 1 million barrels, three of 715,000 barrels and one of 500,000 barrels. Another cargo, the 45th on the plan, showed a loading date of Aug. 20 without detailing any volume, and this wasn’t included in Bloomberg calculations for the monthly total.

Exports of Basrah crude will probably drop by 400,000 to 500,000 barrels a day in September because of “rehabilitation work” at the terminal, according to port agent Boutros Maritime & Transport SA.

OAO Surgutneftegas sold via a tender two cargoes for Aug. 14 to Aug. 15 and Aug. 19 to Aug. 20 loading from Ust-Luga on the Baltic Sea to Total SA and another for Aug. 20 to Aug. 21 from the Baltic port of Primorsk to Shell, said two traders with knowledge of the matter who asked not be identified as the information is confidential. Those shipments are for 100,000 metric tons.

ONGC Videsh, the overseas unit of India’s biggest state-run explorer, sold its first cargo of Azeri crude by tender for Aug. 29 to Aug. 31 loading from Ceyhan, Turkey, to Statoil ASA at about $2.70 to $3 a barrel more than Dated Brent, said two traders who asked not to be identified because the information is confidential.

Crude shipments are halted by pipeline from northern Iraq to the Turkish Mediterranean port of Ceyhan after sabotage, state-run North Oil Co. said in a statement.

Iraq is repairing the pipeline and no date is set for resumption of crude flow, according to the statement.

West Africa

Bharat Petroleum Corp. bought 1 million barrel each of Nigerian Qua Iboe and Yoho crudes for loading in September from Exxon Mobil Corp. via a tender, according to four traders who participate in the market.

Hindustan Petroleum Corp. Ltd. booked supertanker Athenian Harmony for Aug. 27 to Aug. 28 loading from the Qua Iboe terminal in Nigeria to ship to Vizag, India, at a cost of $3.4 million, according to two tanker reports including one from Marex Spectron Group. The company last month bought 2 million barrels of Qua Iboe for August loading from BP via a tender.

Indian Oil Corp. chartered very large crude carrier Skopelos for Aug. 25 to Aug. 26 loading from Forcados terminal in Nigeria en route to west coast of India at a freight rate of $3.125 million, two tanker reports, including one from Athens-based Optima Shipbrokers, showed. The Indian biggest refinery last month bought 1 million barrel each of Forcados and Bonga crude for August loading from Shell in a tender.

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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