BP Buys Second Oseberg Cargo; Ekofisk Crude Shipments Deferred

BP Plc bought its second North Sea Oseberg crude cargo this week at a smaller premium than the previous trade. Trafigura Beheer BV failed to sell Forties at a lower price than its offer yesterday. No bids or offers were made for Russian Urals blend for a third day.

Two North Sea Ekofisk cargoes were deferred with one delayed to November from October, according to three people with knowledge of loading program, asking not to be identified because information is confidential.

North Sea

Trafigura failed to sell Forties for loading Nov. 1 to Nov. 3 at 50 cents a barrel less than Dated Brent, compared with its offer of a discount of 35 cents yesterday, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed.

The company was also unable to find a buyer for a Nov. 15 to Nov. 17 lot of the blend at 75 cents more than Dated Brent, according to the survey.

Royal Dutch Shell Plc (RDSA) didn’t manage to sell Forties for Nov. 5 to Nov. 7 at 25 cents less than Dated Brent, or a premium of 54 cents for Nov. 14 to Nov. 16, the survey showed.

Statoil ASA (STL) sought to sell the grade without success for Nov. 6 to Nov. 8 at minus 30 cents, according to the survey.

Statoil sold Oseberg for Nov. 3 to Nov. 5 to BP at 25 cents a barrel more than Dated Brent, the survey showed. This compares with a premium of $1.15 for a cargo sold yesterday for Nov. 9 to Nov. 11 loading.

Brent for December settlement traded at $108.45 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $109.70 from the previous session. The January contract was at $108.04, a discount of 41 cents to December.

Ekofisk cargo C11441 will be exported on Nov. 6 to Nov. 8, compared with the original Oct. 28 to Oct. 30 plan, according to the traders.

Lot C11455 will load on Nov. 20 to Nov. 22, three days later than planned, they said. All cargoes are 600,000 barrels each. October Ekofisk exports will drop to 8.4 million barrels from 9 million, while November loadings will increase to 9 million barrels from 8.4 million because of the delays.

PetroChina Co., China’s biggest oil producer, and Ineos Group Holdings SA will decide whether to restart their Grangemouth refinery after Ineos today announced the closure of the site’s petrochemical plant.

Resuming operations at Scotland’s only oil refinery, idled since last week because of a labor dispute, hinges on the Unite union providing an unconditional no-strike guarantee, Swiss-based Ineos said in an e-mailed statement.

The Grangemouth site supplies power and steam to BP Plc (BP/)’s neighboring Kinneil processing plant, which handles crude from the Forties Pipeline System, gathered from more than 80 offshore fields. FPS continues to operate normally and will be able to get alternative utilities if needed, Stephanie Millar, a BP spokeswoman in Aberdeen, said by phone today.

Urals/Mediterranean

Glencore Xstrata Plc yesterday bought 600,000 barrels of Azeri Light for Nov. 3 to Nov. 7 loading from Socar Trading SA at $2.00 a barrel more than Dated Brent.

Russia’s full month loading program for Urals is scheduled to be released later this week.

West Africa

Indian Oil Corp. was scheduled to award its second tender for December shipment crude today. The result is not known yet. Taiwan CPC Corp. will award its tender for December-loading cargoes tomorrow.

Nigerian loading programs are forecast to be released tomorrow, according to two traders involved in the region’s oil market.

To contact the reporter on this story: 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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