Trafigura Bids Forties at Six-Month High; Libyan Ports Closed

Trafigura Beheer BV failed to buy North Sea Forties crude at the highest price in six months. No bids or offers were made for Russian Urals.

All Libyan oil terminals are closed by protests except Zawiya, Oil Minister Abdulbari Al-Arusi said today at a press conference. The country’s export capacity will drop to 300,000 barrels a day by tomorrow with only Zawiya operational, compared with 1.425 million barrels yesterday.

North Sea

Trafigura didn’t manage to buy Forties for loading on Aug. 17 to Aug. 21 at a premium of 80 cents a barrel to Dated Brent, 5 cents more than yesterday, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. This is the highest bid since Jan. 24.

Total SA was unable to sell the grade for Aug. 19 to Aug. 21 at a premium of 95 cents, 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 $107.07 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $106.84 in the previous session. The October contract was at $106.27, a discount of 80 cents to September.

Mediterranean/Urals

OAO Surgutneftegas issued a tender to sell 100,000 metric tons each of Urals for Aug. 24 to Aug. 25 from Primorsk and Aug. 25 to Aug. 26 from Ust-Luga on the Baltic Sea, said two people with knowledge of the matter, asking not to be identified as the information is confidential. The tender closes tomorrow.

West Africa

About 15 to 20 cargoes of Angolan crude remain available, while Cabinda, Kuito and Saxi grades are already sold out, said three traders who participate in the market. The pace of sale is slower than normal for this time of a month, they said.

Mangalore Refinery & Petrochemicals Ltd. (MRPL) issued a tender to buy low-sulfur grades for loading from Oct. 1 to Oct. 15, according to a document obtained by Bloomberg News. The tender closes at 9:30 a.m. local time on Aug. 7, with offers valid until 8 p.m. the same day.

The refiner booked a Suezmax tanker Tony for Aug. 19 loading from West Africa to New Mangalore, India, at a cost of $2.4 million, three tanker reports, including Athens-based Optima Shipbrokers, showed. It bought earlier this month via a tender 1 million barrels of Angolan Dalia crude for loading Aug. 16-31 from Total.

Bharat Petroleum Corp. Ltd. chartered Suezmax Alterego II for Aug. 24 loading from Agbami, Nigeria, to Kochi in India, at a freight rate of $2.7 million, according to two tanker reports. The company bought 975,000 barrels of the blend for Aug. 24 to Aug. 25 loading from Chevron Corp. (CVX), two traders with knowledge of matter said July 24.

Japan imported 149,324 kiloliters, or 939,248 bbl, of crude from Africa in June versus 564,723 kiloliters in May, data from the Ministry of Economy, Trade and Industry show.

The nation imported 97,597 kiloliters of Rabi Blend from Gabon and 51,727 kiloliters of Doba grade from Chad. It didn’t import any other grades.

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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