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BP Raises Bid for Urals Crude; Shell Shuts U.K. Shearwater Field

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May 17 (Bloomberg) -- BP Plc failed to buy Russian Urals crude at a higher price than yesterday. No bids or offers were made for North Sea Forties crude.

Royal Dutch Shell Plc yesterday shut its U.K. Shearwater oil and natural gas field for unplanned maintenance, Jonathan French, a company spokesman, said in an e-mail today.

North Sea

Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time. Forties loading in 10 to 25 days fell by 3 cents to a premium of 20 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent for July settlement traded at $104.05 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $104.15 yesterday. The August contract was at $103.91 at the same time today, a discount of 14 cents to July.

Shell expects the Shearwater field to “be back on stream shortly,” French said.

Oil export capacity from the field is as much as 90,000 barrels a day, according to Shell’s website. It is linked to the Forties Pipeline System.

Mediterranean/Urals

BP failed to buy 100,000 metric tons of Urals for June 1 to June 5 loading at 50 cents a barrel less than Dated Brent on a delivered basis to Rotterdam, 25 cents higher than its bid yesterday, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window.

Total SA didn’t manage to buy Urals for May 27 to May 31 at the same discount in northwest Europe, the survey showed.

Urals in the Mediterranean rose by 2 cents to a discount of 6 cents a barrel to Dated Brent, data compiled by Bloomberg showed. In northwest Europe, the discount was at 71 cents a barrel to the benchmark, compared with 79 cents yesterday.

OAO Surgutneftegas issued a tender to sell two cargoes of Urals for loading from two Baltic ports, said two traders with knowledge of the matter.

The company is offering one lot for June 3 to June 4 from Primorsk, and one for June 4 to June 5 from Ust-Luga, the people said, asking not to be identified because the information is confidential. The tender closes on May 20. Each consignment is 100,000 tons.

Itochu Corp. was unable to buy 600,000 barrels of Azeri Light for June 3 to June 10 loading at $3.05 a barrel more than Dated Brent, according to the survey.

West Africa

Benchmark Nigerian Qua Iboe blend fell by 5 cents to $3.02 a barrel more than Dated Brent, data compiled by Bloomberg showed.

Chad plans to keep exports of its Doba crude in July unchanged at three cargoes of 950,000 barrels each, according to a loading program obtained by Bloomberg News.

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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