BP, Total Buy Forties Cargoes
BP Plc and Total SA bought cargoes of North Sea Forties crude, while Trafigura Beheer BV made a bid without attracting sellers. Nigeria’s main rebel group threatened to renew attacks on oil facilities. BP said it bought a Forties shipment loading Nov. 19 to Nov. 21 at 25 cents below the Dated Brent benchmark from Royal Dutch Shell Plc, while Vitol Group said that it sold a Nov. 21 to Nov 23 cargo to Total at the same price. Trafigura said it sought a consignment at a discount of 15 cents without concluding a deal. Reported North Sea market activity typically occurs during a trading window that ends daily at 4:30 p.m. in London.
Prior to the window, Forties loading from 10 to 21 days in the future cost 11 cents less than Dated Brent, according to data. Brent crude for December settlement traded at $87.58 a barrel on the London-based ICE Futures Europe exchange at the close of the window, down from $87.58 a barrel at the same time on Nov. 5. The January contract traded at $87.96 a barrel, widening the contango, or price spread, between the two nearest- term contracts to 38 cents from 20 cents on Nov. 5.