Eni Sells Forties Crude; Total Buys Urals at Five-Month Low

Sept. 24 (Bloomberg) --Eni SpA (ENI) sold two North Sea Forties crude cargoes after reducing its offers. Total SA (FP) bought Russian Urals blend at the lowest price in five months.

Output from one Ekofisk platform resumed and will reach full rates tomorrow, said two people with knowledge of the operations who asked not to be identified because the information is confidential. Officials at ConocoPhillips, operator of the field, in Houston weren’t able to immediately comment on the restart.

North Sea

Eni sold Forties cargo F0915 for Oct. 4 to Oct. 6 loading to Total at a discount of 35 cents a barrel to Dated Brent, compared with its offer at a premium of 30 cents yesterday, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. The grade last traded at minus 10 cents on Sept. 20.

The company also sold Forties F1003 for Oct. 8 to Oct. 10 to Royal Dutch Shell Plc at 15 cents a barrel less than Dated Brent, the survey showed.

Eni withdrew its offer for a Oct. 10 to Oct. 12 cargo at a 5 cents a barrel premium, according to the survey.

The Italian oil company also sold a cargo of Ekofisk for Oct. 8 to Oct. 10 at $1.75 a barrel more than Dated Brent, 50 cents less than its offer yesterday, the survey showed. This is the first non-Forties trade on the Platts window since June 25.

Brent for November settlement traded at $107.90 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $108.01 from the previous session. The December contract was at $107.05, a discount of 85 cents to November.

Urals/Mediterranean

Vitol Group sold 100,000 metric tons of Urals for Oct. 9 to Oct. 13 loading to Total at $1.40 a barrel less than Dated Brent on a delivered basis to Rotterdam, according to the survey. This is the lowest since April 9 and compares with a deal on Sept. 19 at a discount of 85 cents.

BP Plc (BP/) didn’t manage to sell Urals for Oct. 5 to Oct. 9 loading from the same region at a discount of $1.10 to Dated Brent, the survey showed.

OAO Lukoil failed to sell 80,000 tons of the crude for Oct. 5 to Oct. 9 at 80 cents a barrel less than Dated Brent, according to the survey.

PKN Orlen SA bought 100,000 tons of Urals via a tender for Oct. 7 to Oct. 11 loading from the Baltic Sea from Vitol at a discount of 85 cents to 90 cents a barrel to Dated Brent, on a delivered basis to Rotterdam, said two people who participate in the market, asking not to be identified because the information is confidential.

Poland’s largest refiner yesterday bought one cargo for Oct. 4 to Oct. 8 loading from Glencore Xstrata Plc, three traders said.

Libya’s state-run National Oil Corp. sold to Koch Industries Inc. 1.2 million barrels of crude from the Waha field for loading from its Mellitah terminal at the end of September, according to five traders who received tender offer. Officials at Wichita, Kansas-based Koch Industries didn’t respond to a phone call and an e-mail seeking comments.

Eight tankers have been hired or provisionally booked to load about 740,000 tons of Libyan crude and condensate this month, according to data compiled by Bloomberg from shipbrokers PF Bassoe AS., Poten & Partners, Galbraith’s Ltd. and Optima Shipbrokers.

West Africa

Republic of Congo will maintain exports of Djeno crude at five cargoes of 920,000 barrels each, according to a loading program obtained by Bloomberg News.

The nation will also ship two 950,000 barrel consignments of N’Kossa in November, unchanged from October, the plan showed.

India’s Bharat Petroleum Corp. Ltd. is scheduled to award is tender for November-loading crude today.

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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