Exxon Buys Forties Crude; Libya Maintains October Es Sider Price

Exxon Mobil Corp. (XOM) bought Forties crude for the first time in more than 19 months. Vitol Group withdrew the only offer for Russian Urals in northwest Europe.

Libya’s state-run National Oil Corp. maintained the official selling price for benchmark Es Sider crude for October at 30 cents a barrel less than Dated Brent, according to a price list obtained by Bloomberg News.

North Sea

Vitol sold Forties cargo F1008 for Oct. 14 to Oct. 16 loading to Exxon at parity to Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. Exxon last bought a Forties lot in the window on Feb. 7, 2012, data compiled by Bloomberg show. Today’s trade was 15 cents to 35 cents more than deals on Sept. 24.

Total SA failed to buy Oct. 20 to Oct. 25 Forties at a 30 cent premium to Dated Brent, according to the survey.

Brent for November settlement traded at $107.79 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $109.38 from the previous session. The December contract was at $106.82, a discount of 97 cents to November.

The share of Buzzard crude in the Forties blend fell to 45 percent in the week ending Sept. 29, down from 46 percent a week earlier, according to data posted on BP’s website.

Urals/Mediterranean

Vitol withdrew an offer to sell 100,000 metric tons of Urals crude at $1.60 a barrel less than Dated Brent for loading at the Baltic ports of Primorsk or Ust-Luga Oct. 11 to Oct. 15, the survey showed. The Russian crude last traded on Sept. 26 at discounts of $2 and $1.90 to the benchmark.

OAO Surgutneftegas sold three Urals cargoes for loading in October in a tender. The company sold a shipment loading from Primorsk on Oct. 12 to Oct. 13 and another from Ust-Luga on Oct. 13 to Oct. 14 to Glencore Xstrata Plc, according to four people who participate in the market, asking not to be identified because the information is confidential. The third lot was bought by OAO Lukoil for Oct. 18 to Oct. 19 loading from Ust-Luga, the people said. The cargoes traded at discounts of $1.75 to $2 a barrel to Dated Brent.

Surgut also issued a tender for two Urals cargoes loading at Primorsk on Oct. 20 to Oct. 21 and Oct. 23 to Oct. 24 and a third consignment from Ust-Luga on Oct. 22 to Oct. 23. That tender closes tomorrow.

PKN Orlen bought 100,000 tons of Urals for delivery to the Butinge oil terminal in Lithuania, according to three people who participate in the market, who also asked not to be identified because the information is confidential.

Prices for all Libyan grades, except Al-Jurf and Bouri, are unchanged from this month, a price list obtained by Bloomberg News showed.

Libya’s oil production exceeded 700,000 barrels a day, almost 45 percent of installed capacity, on higher output from the western region, Oil Ministry Measurement Director Ibrahim Al Awami yesterday.

Protesters from the Amazigh community yesterday closed the pipeline supplying the Mellitah terminal in western Libya with oil from the Eni SpA-operated Wafa field, Mohamad Al-Ansari, the oil ministry’s media executive, said today from Tripoli.

West Africa

BP Plc offered 600,000 barrels of Qua Iboe at either $5.50 a barrel more than Dated Brent for Oct. 10 to Oct. 15 delivery to Rotterdam, or plus $5.35 to Lavera in France on the Dilong Spirit crude carrier, according to the survey. This is unchanged from its previous offer on Sept. 23.

Indian Oil Corp booked the Caesar supertanker to ship crude from West Africa on Oct. 26 to India’s west coast, according to three tanker reports including one from Marex Spectron Group. The company bought 1 million barrels each of Nigerian Agbami and Angolan Kissanje crudes for October loading from BP via a tender in early August.

The Indian company’s third tender for crude loading in November will close Oct. 3, with offers valid until the following day, according to a document obtained by Bloomberg News.

Japan imported 313,842 kiloliters, or 1.97 million barrels of crude from Africa in August, compared with 616,187 barrels in July, according to data from the Ministry of Economy, Trade and Industry.

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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