Suncor Seeks Forties Crude; Libya’s Al Sharara Field May Restart

Suncor Energy Inc. sought to buy North Sea Forties crude, while Glencore Xstrata Plc withdrew the only offer for Russian Urals on the Platts pricing window.

Demonstrators at Libya’s Al Sharara oil field have suspended protests for two weeks starting from yesterday, Muftah Lamin, a spokesman for the group, said today by phone from the city of Ubari, south of the field.

North Sea

Suncor was bidding for Forties loading Jan. 16 to Jan. 20 at a discount of 20 cents a barrel to Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts window. Mercuria Energy Trading SA sold the grade to Trafigura Beheer BV yesterday at minus 25 cents.

Mercuria withdrew two offers for Forties loading Jan. 18 to Jan. 20 and Jan. 24 to Jan. 26 at a premium of 5 cents to Dated Brent, the survey showed.

Brent for February settlement traded at $108.55 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $110.84 in the previous session. The March contract was at $108.33, a discount of 22 cents to February.

The very large crude carrier Daba left Forties loading terminal Hound Point in Scotland today, according to Bloomberg ship tracking data. The vessel is signaling Las Palmas, an island in the Canaries off the coast of west Africa, as its next stop. Trafigura Beheer BV chartered the vessel in mid-December to load from Hound Point for East Asia, according to fixture lists from Optima Shipbrokers Ltd., PF Bassoe AS and SSY Futures Ltd. A London-based official at the trading house said the company does not comment on such matters.

Platts raised quality premiums for February-loading Oseberg and Ekofisk. Oseberg differentials will be 53.42 cents a barrel next month compared with 50.55 in January, while Ekofisk was increased from 48.32 cents to 48.88 cents.

Urals/Mediterranean

Glencore withdrew an offer to sell 100,000 metric tons of Urals for Jan. 12 to Jan. 16 at $1.65 a barrel less than Dated Brent on a delivered basis to Rotterdam, according to the survey. The blend was last offered in northwest Europe at the same level on Dec. 27 by Vitol Group.

Protesters at Libya’s Al Sharara field decided to stop disruptions after meeting the country’s minister of defense who has agreed to fulfill their demands, Lamin said. Demonstrations will resume if the conditions are not met, he said.

Saudi Arabian Oil Co., the world’s largest crude exporter, cut differentials used in determining its official selling prices for Arab Light grade for February to customers in Europe.

The state-owned producer, known as Saudi Aramco, reduced the formula premium for its biggest blend for delivery to northwest Europe and the Mediterranean by 85 cents and 65 cents respectively, according to an e-mailed price list.

Turkey hopes exports of crude from Iraq’s semi-autonomous Kurdistan region, which is currently being stored at Ceyhan, will begin this month, Turkish Minister of Energy Taner Yildiz said today in Ankara.

Turkey will wait for approval from Iraq’s central government in Baghdad before loading Kurdish crude, Yildiz said. Kurdistan will initially export 300,000 barrels a day, increasing this figure to 400,000 barrels a day later on.

West Africa

Angola, Africa’s largest oil producer after Nigeria, will export 48 crude cargoes in February, unchanged from January, according to a final loading program obtained by Bloomberg News.

February exports will total 46.1 million barrels, or 1.65 million barrels a day, the schedule showed. This compares with January’s 46 million barrels or 1.48 million barrels a day, the least since June 2011.

The final program has one cargo less than the preliminary schedule released last month after Plutonio loadings were revised down to four lots from five.

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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