BP Offers Forties Crude; Surgut Awards Urals Tender
(Corrects headline to BP offers.)
Surgutneftegas awarded a tender to sell one Urals crude cargo each month from the Baltic Sea ports of Primorsk and Ust-Luga to Eni SpA (ENI), according to three people who asked not to be identified because the information is confidential. All shipments comprise 100,000 metric tons each. The tender covers the period from July to December.
BP was unable to sell Forties for loading June 7 to June 9 at 30 cents a barrel less than Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares with yesterday’s deal at a discount of 20 cents.
The company also failed to sell Oseberg grade for the same period at a premium of 8 cents a barrel to Dated Brent, the survey showed.
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 22 cents to a discount of 26 cents a barrel to Dated Brent, the lowest since May 2, according to data compiled by Bloomberg.
Brent for July settlement traded at $103.30 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $103.74 yesterday. The August contract was at $103.17 at the same time today, a discount of 13 cents to July.
Vitol sold 100,000 tons of Urals for loading on June 9 to June 13 to Total SA at 40 cents a barrel less than Dated Brent on a delivered basis to Rotterdam, the survey showed. This compares with a trade at a discount of 95 cents on May 13.
The company sold to Eni 80,000 tons of the blend for June 2 to June 6 loading at a discount of 20 cents to Dated Brent, on a delivered basis to Augusta, Italy, according to the survey. This is 5 cents less than the previous trade on April 30.
Urals in the Mediterranean fell by 3 cents to a premium of 7 cents a barrel to Dated Brent, data compiled by Bloomberg showed. In northwest Europe, the discount was at 20 cents a barrel to the benchmark, compared with 17 cents yesterday.
Russia will export 1.4 million tons of Urals from Primorsk in the first 11 days of June, according to a preliminary loading program obtained by Bloomberg.
Loadings of Urals from Ust-Luga for May 31 to June 11 will be seven lots of 100,000 tons each, the program showed.
Exports from Novorossiysk on the Black Sea will be 10 cargoes, comprising eight lots of 80,000 tons each and two of 140,000 tons, according to the plan.
Surgutneftegas issued a new tender to sell two 100,000-ton cargoes in June, two people with knowledge of matter said. One lot will load June 6 to June 7 from Primorsk and the other from Ust-Luga on June 8 to June 9. The tender closes tomorrow.
For other grades in the Mediterranean, Vitol bought 600,000 barrels of Azeri Light for loading on June 3 to June 7 from Socar Trading SA at $2.60 a barrel more than Dated Brent, the survey showed.
Benchmark Nigerian Qua Iboe blend fell by 4 cents to $2.83 a barrel more than Dated Brent, data compiled by Bloomberg showed. That’s the least since Feb. 28.
The nation will ship 13 consignments of Qua Iboe, seven each of Agbami and Forcados, five each of Akpo and Bonga, four of Bonny Light, three each of Amenam, Erha, Escravos and Usan, two each of Antan and Yoho and one each of Abo, EA Blend, Okono, Okwori and Pennington, according to the schedules. The size of the cargoes range from 167,000 to 1 million barrels.
That compares with 66 lots, or 58 million barrels, due to be exported next month, a full plan of the 18 blends show.
The July program for Brass River wasn’t yet available. It totaled five cargoes in June.
Equatorial Guinea plans to keep exports of its Ceiba crude in July unchanged from June at two cargoes of 1 million barrels, a loading program obtained by Bloomberg News shows.
The country will also ship two 650,000 barrel consignments of its Aseng grade and three 1 million barrel lots of Zafiro, earlier plans showed.
CPC Corp., Taiwan’s state-run oil refiner, is seeking to buy 1.9 million barrels of West African low-sulfur crude for delivery in July, according to a tender notice on its website. Offers are due today, the company said.
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