Total, Chevron Bid for Forties; Pertamina Seeks 3-Months Crude
Total SA and Chevron Corp. both failed to buy North Sea Forties crude at a lower price than yesterday. There were no bids or offers for Russian Urals grade in northwest Europe or the Mediterranean.
PT Pertamina, Indonesia’s state-owned oil company, issued a tender to buy low-sulfur crude for delivery for three months from April to June, said a company official.
Total sought to buy Forties at 50 cents a barrel more than Dated Brent for loading Feb. 17 to Feb. 23, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. That’s 5 cents less than its equivalent bid yesterday and compares with cargoes it bought on Jan. 22 at premiums of 35 cents and 40 cents.
Chevron was also unsuccessful with its bid at plus 45 cents for a cargo loading on the same dates, according to the survey.
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 rose 6 cents to 69 cents a barrel more than Dated Brent, data compiled by Bloomberg show.
Brent for March settlement traded at $114.71 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $114.28 in the previous session. The April contract was at $113.69, a discount of $1.02 to March.
There were no bids or offers for Urals crude, the Platts survey showed. Gunvor Group Ltd. bid unsuccessfully yesterday for 100,000 metric tons at a discount of 90 cents a barrel to Dated Brent on a delivered basis to Rotterdam.
The Urals differential to Dated Brent in the Mediterranean widened by 2 cents a barrel to minus 30 cents, according to data compiled by Bloomberg. In northwest Europe, the discount increased to 88 cents from 86 cents yesterday, the data showed.
PKN Orlen SA bought 100,000 tons of Urals from Glencore International Plc for loading Feb. 19 to Feb. 23 from either Primorsk or Ust-Luga via an informal closed tender, according to three people with knowledge of the matter. The company yesterday bought a Feb. 15 to Feb. 19 cargo from Vitol Group.
OAO Surgutneftegas sold two lots of Urals to Gunvor and Repsol SA for loading next month from Ust-Luga, according to four traders who participate in the market.
Gunvor bought the Feb. 13 to Feb. 14 consignment while Repsol purchased the Feb. 15 to Feb. 16 lot, the people said, asking not to be identified as the information is confidential.
Surgut issued a separate tender today, offering shipments of 100,000 tons each for loading on Feb. 19 and Feb. 20 and Feb. 21 to Feb. 22 from Ust-Luga and for Feb. 23 to Feb. 24 from Primorsk, the people said.
OAO Rosneft awarded February Urals shipments from Primorsk and the Black Sea port of Novorossiysk to Exxon Mobil Corp., Glencore and Vitol via a tender, according to two people with knowledge of the matter.
Benchmark Nigerian Qua Iboe blend rose 16 cents to $2.32 a barrel more than Dated Brent, which is the most since Jan. 11, Bloomberg data show.
Pertamina is seeking cargoes for its refineries at Balikpapan and Cilacap, said the official, who asked not to be identified because they aren’t authorized to speak to the media. The tender closes tomorrow with offers valid until Feb. 1.
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