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Shell Offers Oseberg Crude; Iraq Exports to Remain Curtailed

Nov. 14 (Bloomberg) -- Royal Dutch Shell Plc failed to sell North Sea Oseberg crude, while no bids or offers were made for Forties or Russian Urals blend.

Shipments of Iraqi crude will be reduced by an estimated 200,000 to 250,000 barrels a day due to export bottlenecks until the end of the first quarter, according to the International Energy Agency’s monthly report.

North Sea

Shell didn’t manage to sell Oseberg for Nov. 27 to Nov. 30 loading at a premium of 80 cents a barrel to Dated Brent, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. That compares to the Dutch company’s bid for the grade at plus 85 cents on Nov. 8.

Mercuria Energy Trading SA offered a Nov. 29 to Dec. 1 cargo of Ekofisk for a fourth day without finding a buyer. The company’s offer was unchanged from yesterday at a premium of 90 cents to Dated Brent.

Brent for December settlement traded at $108.58 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $107.10 in the previous session. The January contract was at $108.33, a discount of 25 cents to December.

ST Shipping, Glencore Xstrata Plc’s freight unit, booked the very large crude carrier Al Jabriyah II to load crude on Dec. 15 at Hound Point, Scotland to South Korea, according to three shipbroker reports including Optima Shipbrokers Ltd. Charles Watenphul, a London-based spokesman for Glencore, declined to comment by phone.

Urals/Mediterranean

Gunvor Group Ltd. didn’t manage to buy 85,000 tons of CPC blend for Dec. 5 to Dec. 9 loading at a premium of 95 cents to Dated Brent delivered to Augusta, Italy. The company bid for the grade at the same level yesterday.

Two positions for Urals loading Nov. 9 to Nov. 10 and Nov. 14 to Nov. 15 have not been filled, said two traders who participate in the market, asking not to be identified because the information is confidential. A third free position at the Baltic port of Primorsk was filled last week by OAO Surgutneftegas, while an extra cargo for Nov. 24 to Nov. 25, owned by OAO Rosneft, was added to the loading program.

Four 600,000-barrel cargoes of Azeri Light crude are scheduled to load in December from Georgia’s Black Sea port of Supsa, unchanged from November, a loading program obtained by Bloomberg News shows.

West Africa

Angolan loading programs for January are expected to be released tomorrow or Nov. 18.

Thailand’s PTT Pcl’s tender to buy 600,000 to 1 million barrels of sweet or sour crude for Jan. 1 to Jan. 5 delivery to Rayong closed yesterday at 12 p.m. Singapore time, according to a document obtained by Bloomberg News. Offers were valid until 6 p.m. today.

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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