Mercuria Energy Trading SA withdrew its offer for North Sea Forties crude at a lower level than yesterday. No bids or offers were made for Russian Urals for a third session. Vitol Group sought to sell Nigerian Bonny Light grade without success.
Two Angolan Plutonio crude cargoes for January loading were deferred to February, while one for December shipment was postponed to January, according to revised shipping programs obtained by Bloomberg News.
Mercuria withdrew its offer for Forties at 30 cents a barrel more than Dated Brent for loading on Jan. 10 to Jan. 12, according to a Bloomberg survey of traders and brokers monitoring the Platts window. That’s 5 cents less than its selling price yesterday.
Brent for February settlement traded at $109.37 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $108.51 in the previous session. The March contract was at $109.10, a discount of 27 cents to February.
Oil ports in eastern Libya may reopen by the end of March, according to a report from researcher Eurasia Group.
“Significant progress” took place in the last few days in talks between the government and rebels who now control the ports, Riccardo Fabiani, a London-based analyst at Eurasia, said. “The likelihood of a resumption of oil exports from east Libya by the end of the first quarter of 2014 remains high, despite the fact that the ports occupied by the federalist movement remain closed,” he said.
Vitol offered 950,000 barrels of Bonny Light for Jan. 5 to Jan. 10 delivery to Rotterdam without disclosing the price, according to the survey.
Exports of Plutonio for January will be reduced to four consignments from five, while December loadings will be cut to four lots from five, the plan showed. All shipments are of 950,000 barrels or 1 million barrels each.
Total exports from Angola will now be revised down to 48 cargoes, or 1.48 million barrels a day, compared with the original plan for 49 lots, the schedule showed. December shipments will be 55 lots totaling 1.7 million barrels, down from 56 in the initial plan.
Nigeria’s two main oil unions plan to start an indefinite nationwide strike on Jan. 1 to protest proposals by the government to privatize its four state-owned oil refineries in the first quarter.
The plan to sell the refineries, which have a combined capacity of 445,000 barrels a day, is “against the overall national interest and in the interest of a few,” the Petroleum and Natural Gas Senior Staff Association of Nigeria, or Pengassan, and the National Union of Petroleum and Natural Gas Workers, or Nupeng, said today in a joint e-mailed statement.
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