Shell Buys More North Sea Forties; Nigeria Raises Crude Prices

Royal Dutch Shell Plc bought a cargo of North Sea Forties crude, bringing its total for the week to five. Trafigura Beheer BV sold CPC blend.

Nigeria raised its April official selling price for benchmark Bonny Light and Qua Iboe crudes to the highest in 17 months, Nigerian National Petroleum Corp. said in an e-mailed statement.

North Sea

Shell bought Forties lot F0403 from BP Plc for loading April 4-6, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares with a deal yesterday at a 15 cent discount to the benchmark.

Vitol Group failed to find a buyer for Forties consignment F0407 loading April 10-12 at 30 cents less than 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 widened by 10 cents to a discount of 22 cents a barrel to Dated Brent, according to data compiled by Bloomberg.

Brent for May settlement traded at $107.71 a barrel on the ICE Futures Europe exchange in London at the close of the window, compared with $107.82 in the previous session. The June contract was at $107.28, a discount of 43 cents to May.

Four Forties cargoes for loading next month have been advanced by two to nine days, according to two people with direct knowledge of the matter, who asked not to be identified as the information is confidential.

There are no production issues at the Ekofisk oil field even as two cargoes have been dropped from the April loading schedule and seven lots from this month’s program have been delayed, according to the operator ConocoPhillips.

“There are no issues with the fields,” Stig Kvendseth, a Stavanger, Norway-based spokesman for ConocoPhillips, said today by e-mail.


BP bought 85,000 metric tons of CPC Blend from Trafigura at 70 cents less than Dated Brent on a delivered basis to Augusta, Italy, the Platts survey showed. That compares with a cargo Trafigura sold on Feb. 7 at a 90 cent discount.

There were no bids or offers for Russian Urals grade for a third day, according to the survey.

The Urals discount to Dated Brent in the Mediterranean narrowed by 3 cents to $1.34 a barrel, data compiled by Bloomberg show. That’s the smallest differential since Feb. 20. In northwest Europe, the discount was at $1.94 a barrel, compared with $1.92 in the previous session.

West Africa

Benchmark Nigerian Qua Iboe blend fell by 2 cents to $3.22 a barrel more than Dated Brent, Bloomberg data show. That’s the lowest since Feb. 28.

The selling prices for Bonny Light and Qua Iboe grades were set at $3 a barrel premium to Dated Brent, according to the statement. That’s up from $2.20 this month and is the most since November 2011.

Ghana plans to keep exports of its Jubilee crude in May unchanged for a third month at three cargoes of 950,000 barrels each, according to a loading program obtained by Bloomberg News.

Equatorial Guinea plans to boost exports of its Zafiro crude to three cargoes of 950,000 barrels each in May, one more than next month, a separate loading program showed.

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