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BP Buys Third Forties Cargo; Bonny Crude Priced at Two-Year High

Oct. 22 (Bloomberg) -- BP Plc bought its third North Sea Forties crude cargo for loading in November at a higher price than yesterday. The company also bought a shipment of Oseberg, the first transaction for the grade in four months. No bids or offers were made for Russian Urals blend for a second day.

Nigeria raised its November official selling price for benchmark Bonny Light and Qua Iboe crudes to the highest in two years, the Nigerian National Petroleum Corp. said today in an e-mailed statement.

North Sea

BP bought Forties for loading Nov. 10 to Nov. 12 from Royal Dutch Shell Plc at 36 cents a barrel more than Dated Brent, 16 cents higher than yesterday, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed.

The company failed to buy the grade for Nov. 6 to Nov. 8 at 25 cents more than Dated Brent, according to the survey.

BP on Oct. 17 booked the very large crude carrier Pluto Glory to load Forties on Nov. 10 for South Korea at a cost of $4.8 million, according to reports from Poten & Partners and Optima Shipbrokers Ltd. A VLCC typically holds 2 million barrels of crude.

Trafigura Beheer BV was unable to sell Forties for Nov. 1 to Nov. 3 at 35 cents less than Dated Brent, the survey showed.

BP bought Oseberg for Nov. 9 to Nov. 11 loading from Statoil ASA at $1.15 a barrel more than Dated Brent, according to the survey. This is the first trade of the grade in the Platts window since June 21.

Statoil failed to sell Oseberg for Oct. 31 to Nov. 2 at 5 cents a barrel above Dated Brent, and another for Nov. 3 to Nov. 5 at a premium of 30 cents, according to the survey.

Total SA sought to sell Ekofisk without success for Nov. 6 to Nov. 8 at a premium of $1.15 a barrel to Dated Brent, unchanged from yesterday, the survey showed.

Brent for December settlement traded at $109.70 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $109.66 from the previous session. The January contract was at $109.17, a discount of 53 cents to December.

Forties lot F1115 will be advanced by 12 days to Nov. 9 to Nov.11, the first advancement for November-loading cargoes, said two people with knowledge of the loading program, asking not to be identified because the information is confidential.

Exports for Flotta crude for November will be at zero for a second month, compared with one 600,000-barrel shipment in September, according to a shipping schedule obtained by Bloomberg News.

Urals/Mediterranean

Glencore Xstrata Plc bought 600,000 barrels of Azeri Light for Nov. 3 to Nov. 7 loading from Socar Trading SA at $2.00 a barrel more than Dated Brent, the survey showed. The grade was last sold at a premium of $2.10 on Oct. 8.

PKN Orlen SA, Poland’s largest oil company, bought 100,000 metric tons of Urals from Vitol Group for Nov. 5 to Nov. 9 delivery to Butinge terminal in Lithuania via a tender, said three people who participate in the market.

Libya exported about 450,000 barrels a day of crude, Mustapha Sanalla, board member of state-run National Oil Corp., said in an interview in Tunis today. The nation is producing 600,000 barrels a day, he said.

West Africa

The price for Qua Iboe and Bonny Light crudes were set at $3.50 a barrel more than Dated Brent, 10 cents more than for October, according to the statement. This is the highest since November 2011.

China National Chemical Corp., known as ChemChina, bought a record four cargoes of Angolan crude for November loading, including Girassol, Pazflor, Saturno grades, said three traders who participate in the market.

ChemChina, an operator of small, or teapot refineries in China, bought two Girassol cargoes for October loading, they said. The company started buying West African crude earlier this year and first bought Saturno grade for shipment in March. It was given a quota to process 10 million tons of imported crude a year.

Taiwan’s CPC Corp. closed a tender earlier today for December loading crude, said two traders who received the documents. Offers will be valid until Oct. 24.

Ghana will maintain exports of Jubilee grade unchanged at three cargoes of 950,000 barrels each in November, a shipping plan showed.

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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