BP Sells Forties at 3-Month Low ; Nigeria Boosts Qua Oil Exports

BP Plc (BP/) sold North Sea Forties crude at a discount to Dated Brent, the lowest level since June 19. Socar Trading SA offered Azeri Light blend at a smaller premium than yesterday.

Nigeria plans to increase November exports of Qua Iboe crude to 11 cargoes, two more than in October, according to loading programs obtained by Bloomberg News.

North Sea

Royal Dutch Shell Plc bought Forties from BP for a third time this week. Cargo F0917 for loading Oct. 3 to Oct. 5 traded at a discount of 10 cents a barrel to Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares with a deal between the same two companies at a 46-cent premium yesterday.

Shell also bid Forties for Oct. 8 to Oct. 10 at 74 cents more than Dated Brent. Eni SpA didn’t manage to sell the grade for the same loading dates at a $1.05 premium.

Trafigura Beheer BV failed to buy the blend for a third day. The company bid for Oct. 13 to Oct. 18 at 45 cents more than the benchmark, the survey showed.

Brent for November settlement traded at $109.12 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $109.94 from the previous session. The December contract was at $108.31, a discount of 81 cents to November.

Urals/Mediterranean

Socar didn’t manage to sell 600,000 barrels of Azeri Light for Oct. 6 to Oct 10 loading at a premium of $3.70 a barrel to Dated Brent. That’s 30 cents less than its offer yesterday.

Hellenic Petroleum bought 80,000 metric tons of Urals from BP for Oct. 6 to Oct. 10 delivery to Greece, according to two people who participate in the market.

Iraqi crude pumping to the Turkish port of Ceyhan resumed at 11 p.m. local time yesterday, according to the port agent Boutros Maritime & Transport SA. About 450,000 barrels are available for loading.

West Africa

Nigeria will keep Bonny Light shipments stable in November at three lots. The plan comprises of two 950,000-barrel cargoes and one 300,000-barrel consignment, a loading schedule showed.

The West African nation will also export seven cargoes each of Agbami and Forcados, four lots of Brass river, three consignments of Escravos and two each of Abo, Antan, Okono, Okwori and Yoho blends. The cargo sizes range from 250,000 to 1 million barrels.

Shell has closed the Nembe Creek Trunkline and Trans Niger Pipeline due to thefts and oil leaks, the company said today in an e-mailed statement. Shell also shut the Trans Escravos Pipeline from Sept. 12 to Sept. 16 to remove illegal connections. A force majeure on the Bonny Light crude terminal remains in place, the company said.

Equatorial Guinea will cut November shipments of Zafiro crude to two lots, one less than in October, a shipping plan shows. The nation’s exports of Ceiba blend will remain unchanged at two consignments.

Chad will reduce exports of Doba crude to two lots in November, one less than next month, according to a loading program obtained by Bloomberg. Cargoes are 950,000 barrels each.

Three 950,000-barrel cargoes of Ghana’s Jubilee crude are scheduled to load in November, unchanged from October, a shipping program shows.

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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