BP Buys Forties at 2-Week High; Supsa to Ship 4 Azeri Crude Lots

BP Plc bought a cargo of North Sea Forties crude at the highest level in two weeks. There were no trades for Russian Urals grade.

Exports of Azeri Light grade from Georgia’s Black Sea port of Supsa in April will be four cargoes, according to two traders with knowledge of the loading plan.

North Sea

BP purchased Forties lot F0321 from Trafigura Beheer BV at 25 cents a barrel less than Dated Brent for loading March 30 to April 1, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed. That’s the same level as Trafigura’s unsuccessful offer yesterday and is the highest trade since March 1, according to data compiled by Bloomberg.

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 narrowed by 7 cents to a discount of 49 cents to Dated Brent, according to data compiled by Bloomberg.

Brent for May settlement traded at $109.78 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $108.75 in the previous session. The June contract was at $109.21, a discount of 57 cents to May.

Oil and gas output from the Oseberg field is shut after a gas leak caused a power failure at the site, operator Statoil ASA said on its website today.

Mediterranean/Urals

There were no bids or offers for Russian Urals grade, the Platts survey showed.

The Urals discount to Dated Brent in the Mediterranean narrowed by 44 cents to $1.66 a barrel, data compiled by Bloomberg show. That’s the smallest differential since Feb. 22. In northwest Europe, the discount was at $1.85 a barrel, compared with $1.90 in the previous session.

Indonesia’s Pertamina Persero PT bought 950,000 barrels of Libya’s El Sharara crude in a tender for delivery to its Balikpapan refinery in May, according to a company official.

West Africa

Benchmark Nigerian Qua Iboe blend fell by 2 cents to $3.31 a barrel more than Dated Brent, Bloomberg data show. That’s the lowest since Feb. 28.

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