Gunvor Bids Urals Blend; Zawiya Port Ships First Crude Cargo

Eni SpA (ENI) withdrew its offer for North Sea Forties crude after selling two cargoes yesterday. Gunvor Group failed to buy Russian Urals blend at a lower price than the previous session.

Libya’s Zawiya port exported its first crude cargo this month yesterday after flows were restored from oilfields that supply the terminal.

North Sea

Eni withdrew an offer for Forties for loading Oct. 10 to Oct. 12 at 5 cents a barrel less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. The Italian company sold two cargoes yesterday at discounts of 15 and 35 cents.

Brent for November settlement traded at $109.57 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $107.90 from the previous session. The December contract was at $108.59, a discount of 98 cents to November.

Hyundai Oilbank Co. bought from BP Plc (BP/) 2 million barrels of Forties for November loading, according to four people with knowledge of matter.

Royal Dutch Shell Plc sold one very large crude carrier of the crude to GS Caltex Corp. for mid-October loading, according to five people who participate in the market.

Supertanker Marbat left Forties loading terminal Hound Point this morning for Yangpu, China, in the first shipment to Asia since June 11.

Forties sulfur de-escalator for October was kept at 30 cents a barrel, unchanged from this month, Platts said in a statement on its website.

Urals/Mediterranean

Gunvor failed to buy 100,000 metric tons of Urals for Oct. 11 to Oct. 15 loading at $1.80 a barrel less than Dated Brent on a delivered basis to Rotterdam, according to the survey. The grade was sold yesterday at a discount of $1.40.

OAO Lukoil was unable to sell 80,000 tons of the crude for Oct. 5 to Oct. 9 at 60 cents less than Dated Brent delivered to Augusta, Italy, 20 cents more than its offer yesterday, according to the survey.

Eni didn’t find buyers for 85,000 tons of CPC blend for Oct. 8 to Oct. 12 loading at a premium of 90 cents to Dated Brent, the survey showed.

Libya shipped a 700,000-barrel cargo from the terminal yesterday, Mansur Abdullah, the oil movement coordinator at the Zawiya refinery, said by phone today. The consignment is destined for Repsol SA in Spain. A second vessel is loading 800,000 barrels, he said. The port had stopped exporting since Aug. 29, even though it was open for operation.

Algeria’s Sonatrach increased its official selling price for benchmark Saharan Blend for loading in October to $2 a barrel more than Dated Brent, from a premium of $1.05 for this month, according to an e-mailed price list from the company.

OAO Surgutneftegas issued a tender to sell two Urals cargoes of 100,000 tons each for loading from the Baltic Sea, according to four people who received the document. One lot is for loading Oct. 7 to Oct. 8 from Ust-Luga, and the other for Oct. 8 to Oct. 9 from Primorsk. The tender closes tomorrow.

West Africa

Taiwan’s CPC Corp. bought 1 million barrels of Nigerian Antan crude from China International United Petroleum & Chemical Corp., known as Unipec, for loading in November via a tender, said two traders who participate in the market. It is unclear whether the company has bought any other grades, they said.

Bharat Petroleum Corp. purchased 1 million barrels each of Nigeria’s Qua Iboe and Azerbaijan’s Azeri Light for loading in November via a tender, said four traders who asked not to be identified because the information is confidential.

The refiner bought Qua Iboe from Exxon Mobil Corp., three of the traders said. The Azeri cargo was bought from the State Oil Co. of Azerbaijan, known as Socar, one of them said.

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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