Trafigura Seeks Forties; CPC Blend Jan. Exports to Fall by 2.4%

Trafigura Beheer BV sought to buy North Sea Forties crude at a lower premium than deals done yesterday. There were no bids or offers for Russian Urals crude for a second day.

The Caspian Pipeline Consortium will reduce January crude shipments by 2.4 percent from December, a preliminary loading program obtained by Bloomberg News showed.

North Sea

Trafigura failed to buy Forties at a premium of 10 cents a barrel to Dated Brent for a cargo loading Dec. 29 to Dec. 31, according to a Bloomberg survey of traders and brokers monitoring the Platts window. The company bought two consignments of the U.K. grade, lots F1219 and F0101, at plus 30 cents yesterday.

Royal Dutch Shell Plc withdrew a bid for Forties loading Dec. 29 to Jan. 6 at 10 cents more than the global benchmark, according to the survey.

Brent for January settlement traded at $109.47 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $108.80 in the previous session. The February contract was at $109.27, a discount of 20 cents to January.

The share of Buzzard crude in the Forties blend dropped to by two percentage points to 46 percent in the week to Dec. 8 , the lowest level since Nov. 3, data from BP Plc’s website show.

Urals/Mediterranean

Gunvor Group Ltd. didn’t manage to buy CPC Blend for Dec. 27 to Dec. 31 at 85 cents a barrel more than Dated Brent on a delivered basis to Augusta, Italy, the survey showed. The grade last traded Dec. 4 at plus $1.

CPC, operator of the only oil-export link in Russia that has shared foreign ownership, will ship 2.73 million metric tons compared with almost 2.8 million tons in December, the schedules showed. That’s equal to 685,013 barrels a day, compared with 701,555 barrels last month.

The CPC program comprises 12 cargoes of 135,000 to 135,500 tons each and 13 consignments of 85,000 to 90,000 tons, according to the program. CPC exports for December were originally planned at 609,820 barrels in the provisional plan released Nov. 11.

The program didn’t include crude from Kazakhstan’s largest oilfield, Kashagan, which won’t resume production before early next year, North Caspian Operating Co., the field’s operator, said by e-mail Dec. 5. A full inspection will be carried out on about 180 kilometers (132 miles) of oil and gas pipelines, the company said.

Kuwait Petroleum Corp. reduced official selling prices for January crude shipments to Asia by 40 cents a barrel to a premium of 70 cents, the company said in an e-mailed statement today.

Libya is producing 250,000 barrels of oil a day, Oil Minister Abdulbari Al-Arusi said today in a press conference in Tripoli. About 120,000 barrels a day of output is being sent to the Zawiya refinery for local consumption, 20,000 barrels a day to the Tobruk refinery, while the remaining 110,000 barrels a day are being exported, the minister said.

West Africa

PT Pertamina’s second spot tender for February-delivery crude was awarded today at 5 p.m. Singapore time, according to a document obtained by Bloomberg News. The company is seeking two cargoes for Cilacap and one for Balikpapan in Indonesia. Tender results were not immediately available.

Indian Oil Corp.’s second tender to buy crude for Feb. 1 to Feb. 15 loading closes tomorrow, according to a document obtained by Bloomberg News. Offers are valid until the Dec. 13.

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