Vitol Sells Urals Crude; Novorossiysk Exports Revised Down
Vitol Group sold Russian Urals crude in the Mediterranean at a lower price than its offer yesterday. No bids or offers were made for North Sea Forties.
Russia will reduce October crude exports from the Black Sea port of Novorossiysk after one cargo of 80,000 metric tons was dropped, according to a final loading program obtained by Bloomberg News.
Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time. Before the session, Forties loading in 10 to 25 days was 28 cents less than Dated Brent, compared with a discount of 32 cents yesterday, data compiled by Bloomberg show.
Brent for November settlement traded at $109.05 a barrel on the ICE Futures Europe exchange in London at the close of the window, down from $110.86 yesterday. The December contract was $108.28, a discount of 77 cents to November.
Vitol sold 140,000 tons of Urals for Oct. 6 to Oct. 10 to Eni SpA at $1.75 less than Dated Brent on a delivered basis to Augusta, Italy, compared with its offer of $1.60 discount yesterday, according to the survey.
Urals was at $1.75 a barrel less than Dated Brent for delivery in northwest Europe, down 3 cents from yesterday, data compiled by Bloomberg showed.
Shipments from Novorossiysk will be 3.7 million tons next month, or 874,871 barrels a day, according to the plan. A consignment, owned by OAO Russneft, for loading on Oct. 21 to Oct. 22 was dropped from the preliminary schedule released yesterday, while a top-up lot of 40,000 tons was added.
Exports are 15 percent more than the 3.226 million tons planned for September. The Novorossiysk program for October includes three 80,000 ton cargoes of Siberian Light grade. The remaining 32 lots, totaling 3.46 million tons, are Urals blend.
Exports from the Baltic Sea will be unchanged from the preliminary plan at 5.605 million tons for Primorsk and 2.1 million tons for Ust-Luga, according to the final program.
OAO Surgutneftegas issued a tender to sell three cargoes totaling 345,000 tons of Urals crude for loading next month, said two traders who participate in the market.
The company is offering two cargoes of 100,000 tons each from the Baltic Sea, with one for loading on Oct. 15 to Oct. 16 from Primorsk and the other for Oct. 12 to Oct. 13 from Ust- Luga, the people said, declining to be identified because the information is confidential.
The third cargo is for 145,000 tons for Oct. 15 to Oct. 16 from Novorossiysk, they said. The tender closes tomorrow.
Iraq will increase its daily exports of Basrah Light crude from the Persian Gulf by 8.7 percent in the first half of October from two weeks earlier, according to a loading program.
Exports will total 34.4 million barrels, or 2.29 million barrels a day, up from 2.11 million two weeks earlier. The nation will ship 21 cargoes from the Basrah Oil Terminal, unchanged from the second half of September, the plan showed.
The schedule for the first half of October comprises 14 lots of 2 million barrels each, five 1 million-barrel shipments and one cargo each of 715,000 and 650,000 barrels.
Angola will ship 53 cargoes of crude in November, three less than next month, according to a final loading program obtained by Bloomberg.
The nation plans to export 51 million barrels, or 1.70 million barrels a day, the plan showed. This compares with 1.74 million in October.
Exports for November will be more than the 1.67 million barrels a day scheduled in the preliminary plan released on Sept. 17, after one cargo of Girassol crude was added.
Bharat Petroleum Corp., is seeking to buy crude for loading from Nov. 21 to Nov. 30, according to a tender document obtained by Bloomberg News. The tender closes Oct. 3 at 3 p.m. local time with offers valid until 7 p.m. the following day.
PT Pertamina is seeking to buy low-sulfur crude for delivery to Indonesia in December, said two people who participate in the market, asking not to be identified because they aren’t authorized to speak to the media. The tender will close at 11 a.m. Singapore time tomorrow.
Gabon will maintain exports of its Rabi Light crude for November unchanged from October at three cargoes, a loading program obtained by Bloomberg News showed.
Loadings of Rabi Blend will also be stable at three shipments, according to a separate plan. All consignments are for 650,000 barrels each.
Qua Iboe rose 1 cent to $1.83 a barrel more than Dated Brent, according to data compiled by Bloomberg.
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