BP Seeks Forties Crude; Early-Dec. Urals Crude Exports to Drop

BP Plc bid for North Sea Forties crude at a higher price than yesterday. There were no bids and offers for Russian Urals blend.

Russia is scheduled to ship 12 cargoes of Urals crude, or 1.2 million metric tons, from Primorsk port in the Baltic Sea from Nov. 30 to Dec. 10, a preliminary loading program obtained by Bloomberg News shows. That’s down from 1.67 million tons in the same period this month.

North Sea

BP sought to buy Forties crude without success at a premium of 45 cents a barrel to Dated Brent for Dec. 9 to Dec. 15, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That’s 10 cents more than the company’s bid for the same loading dates yesterday.

Trafigura Beheer BV withdrew a bid to buy Forties at plus 65 cents. The grade last traded on Nov. 19 at a 10-cent premium.

The trader was also bidding for either Ekofisk for Dec. 5 to Dec. 15 at Dated Brent plus $1.30 a barrel, or Oseberg for Dec. 11 to Dec. 17 at $1.25 premium. Total SA was looking to buy either Oseberg or Ekofisk crude for Dec. 11 to Dec. 13 at a premium of 90 cents, while BP sought the latter grade at plus $1.10 for Dec. 13 to Dec. 15 loading.

BP failed to buy Oseberg for loading either Dec. 11 to Dec. 13 or Dec. 16 to Dec. 18 at Dated Brent plus $1.25. Mercuria Energy Trading SA sought the same grade for Dec. 16 to Dec. 18 at $1.20 more than the benchmark.

Brent for January settlement traded at $109.06 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $107.84 in the previous session. The February contract was at $108.44, a discount of 62 cents to January.

Total chartered the suezmax Front Njord, able to haul as much as 1 million barrels of crude, to load at Forties terminal Hound Point in Scotland for South Korea, according to fixture lists from shipbrokers PF Bassoe AS and SSY Futures Ltd.

The tanker, which is scheduled to load Dec. 3 to Dec. 5, was booked for $3.7 million. Total didn’t reply to a phone call to its media office in Paris and an e-mail seeking comment.

Urals/Mediterranean

OAO Surgutneftegas is offering three Urals cargoes from the Baltic Sea in a tender, according to two people who participate in the market, asking not to be identified because the information is confidential. One lot is scheduled to load Dec. 8 to Dec. 9 from Primorsk, while the rest will be shipped Dec. 6 to Dec. 7 and Dec. 9 to Dec. 10 from Ust-Luga. The tender closes tomorrow.

Urals exports from Ust-Luga are set to drop to seven lots of 100,000 tons, down from eight in the first 10 days of November, the program showed. Shipments from Novorossiysk totaling 1.035 million tons are unchanged from November.

Libya’s crude output is to climb to 250,000 barrels a day tomorrow, Mohamed Elharari, a spokesman for state-run National Oil Corp., said today by phone from Tripoli. Output from the country’s El Feel, or Elephant, field will reach full capacity of 83,000 barrels a day tomorrow, he said.

The impasse over Libya’s closed oil export terminals will be resolved before the end of November, Salem Al Jedran, a regional leader in the east of the country, said in a phone interview from Ajdabiya.

West Africa

Nigeria is scheduled to keep January exports of Qua Iboe grade stable at 13 cargoes of 950,000 barrels, according to a loading program obtained by Bloomberg News. Shipments of Bonny Light are also unchanged from December at 5 lots, with daily volumes of 149,355 barrels, compared with 122,581 next month.

The west African country will cut Agbami exports to seven cargoes in January, one less than in December, a schedule shows. Usan shipments will be unchanged at four lots, according to another plan.

Ghana is to maintain exports of Jubilee blend at three cargoes of 950,000 barrels in January, according to a loading program obtained by Bloomberg News.

Tupras Turkiye Petrol Rafinerileri AS issued a tender to buy Nigerian Bonny Light for Jan. 10 to Jan. 20 delivery, according to two people who received the tender, asking not to be identified because the information is confidential. The tender closes Nov. 25.

Indian Oil Corp. bought 1 million barrels each of Bonny Light and Bonga crudes from Vitol Group for Jan. 1 to Jan. 15 loading in a tender, according to four people who participate in the market asking not to be identified because the information is confidential.

Offers for PT Pertamina’s tender to buy 950,000 barrels of crude for Jan. 7 to Jan. 9 delivery to its Cilacap refinery in Java, closed today. The company is also seeking a 600,000 barrel cargo for delivery to Cilacap from Jan. 23-25, according to a tender document obtained by Bloomberg News.

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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