Eni Offers Forties Crude; CPC August Exports Stable

Eni SpA failed to sell North Sea Forties crude even after lowering its offer. No bids or offers were made for Russian Urals for a third day. BP Plc didn’t manage to buy Azeri Light blend for a second day.

The Caspian Pipeline Consortium, operator of the only oil-export link in Russia that has shared foreign ownership, will keep daily August crude exports from the Black Sea little changed from July, a final loading program obtained by Bloomberg News showed.

North Sea

Eni was unable to sell Forties for loading on Aug. 21 to Aug. 23 at a premium of $1.10 a barrel to Dated Brent, 10 cents less than its offer yesterday, a Bloomberg survey of traders and brokers monitoring the Platts pricing window showed.

Vitol Group didn’t manage to buy Forties for Aug. 23 to Aug. 28 at 85 cents more than Dated Brent, the survey showed.

No bids or offers were made for Brent, Oseberg and Ekofisk. Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time.

Brent for September settlement traded at $108.84 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $109.09 in the previous session. The October contract was at $108.00, a discount of 84 cents to September.


BP failed to buy Azeri Light crude for loading on Aug. 12 to Aug. 23 at $3.95 a barrel more than Dated Brent, unchanged from yesterday, which was the highest bid in at least three years, the survey showed.

CPC will ship 2.87 million metric tons this month, compared with 2.89 million tons in July, according to the schedule. That’s equal to 719,226 barrels a day, compared with 724,490 barrels this month, the most since November 2010.

The program comprises eight cargoes of 134,000 to 135,500 tons each and 21 consignments of 85,000 to 93,500 tons, according to the document.

The volume in the final program is more than the 2.611 million tons, or 654,435 barrels a day, scheduled in the preliminary plan released on July 12.

Tupras Turkiye Petrol Rafinerileri AS is seeking to buy 140,000 tons of Basrah Light crude for Sept. 10 to Sept. 20 delivery via a tender, according to two people with knowledge of matter, asking not to be identified because information is confidential. The tender closes Aug. 5.

West Africa

Indian Oil Corp. issued its first tender to buy crude for loading in October, according to a document obtained by Bloomberg News. Part I of the tender closes at 10 p.m. local time Aug. 5, and part II closes at 3 p.m. Aug. 6, with offers valid until 5 p.m. Aug. 7.

Bharat Petroleum Corp. Ltd. is scheduled to close its tender for September-loading crude on Aug. 5, with offers valid until the next day.

(Corrects Tupras seeking Basrah Light in 11th paragraph.)
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