Hetco Sells Forties Crude; Four More Forties Cargoes Deferred

Hess Energy Trading Co., known as Hetco, sold North Sea Forties crude at the highest level since Aug. 8. There were no bids or offers for Russian Urals crude.

Four more Forties crude cargoes were deferred by three days each, according to two people with knowledge of the loading programs, asking not to be identified because the information is confidential.

North Sea

Hetco, part of Hess Corp., sold Forties cargo F0206 for Feb. 8 to Feb. 10 loading at a five-month-high premium of $1.30 a barrel to Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That’s 10 cents higher than trades done yesterday.

Glencore Xstrata Plc was looking to sell Feb. 7 to Feb. 9 for a second day, raising its offer to plus $1.40 from plus $1.05 yesterday, the survey showed.

BP Plc bid for Feb. 5 to Feb. 9 at 95 cents more than the benchmark.

Brent for February settlement traded at $106.35 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $107.20 in the previous session. The March contract was at $105.59, a discount of 76 cents to February.

Forties consignments F0117, F0119 and F0120 will now load Jan. 26 to Jan. 28, Jan. 29 to Jan. 31 and Jan. 30 to Feb. 1, respectively. Cargo F0121 was deferred to Feb. 1 to Feb. 3, increasing February loadings to 20 cargoes equivalent, or 428,571 barrels a day. January loadings will now fall to 21 cargoes, or 406,452 barrels a day, the revised loading programs show.

Statoil ASA shut down production at the Gullfaks B platform yesterday after finding a hole in a pipe to the flare system, Stavanger, Norway-based spokesman Oerjan Heradstveit said today by telephone. The company doesn’t know how long repairs will take, he said. The entire field produced 42,000 barrels of crude in October, according to the latest Norwegian Petroleum Directorate figures.

Urals/Mediterranean

Libya is producing about 650,000 barrels a day, Oil Minister Abdulbari Al-Arusi said yesterday at a conference in New Delhi, adding that some oil ports closed by rebels in the country’s east could reopen at the end of January. The nation has boosted its output since production resumed at the Sharara oil field on Jan. 4.

Demands from protesters who threatened to shut Sharara again tomorrow have been met, Mohamed El Harari, a spokesman for state-run National Oil Corp., said today by telephone from Tripoli. Output at the field reached 322,000 barrels a day today and will only reach full capacity of 340,000 barrels when 22 wells that need maintenance return to service, Harari said.

West Africa

India’s Mangalore Refinery & Petrochemicals Ltd.’s tender to buy low-sulfur crude for March 1 to March 15 loading closed yesterday at 9:30 a.m. local time, with offers valid until tomorrow at 8 p.m. The company is seeking an unspecified volume of crude in cargo sizes of 650,000 barrels or 1 million barrels for discharge at New Mangalore, according to tender information 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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