BP, Vitol Lead Crude Bidding Frenzy in North Sea Physical Market

BP Plc and Vitol Group led a surge of bids in a key North Sea pricing window, the latest short-term sign of a stronger market as prices continue to defy expectations of a major surplus in the final months of the year.

The two firms, joined by Unipec — the trading arm of China’s state-owned Sinopec — bid heavily to buy all crude grades that help set the Dated Brent benchmark on Thursday, according to traders monitoring a pricing window operated by Platts, a unit of S&P Global Plc. There was just one offer to sell Forties crude. The breadth of the bids caught many traders by surprise.