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BFOE = Brent/Forties/Oseberg/Ekofisk. STATFJORD = CIF basis Rotterdam
COMMENTS
There was just a single cargo of Forties (F0325) eligible for circulation, but with the books deemed closed it was no surprise that it failed to appear in public.
In open market trading, Statoil offered a 17-19 March Forties, starting at Dtd flat and working down to just Dtd less 5 cents without attracting any buying interest.
Morgan Stanley made a bid for a 14-16 March Forties at Dtd less 20 cents and did not move off that.
Morgan Stanley also made a bid for a 20-22 March Forties, again starting at Dtd less 20 cents and working up to Dtd less 10 cents.
Total made a bid for an 18-22 March Forties, starting at Dtd less 30 cents and working up to Dtd less 20 cents.
None of the bids attracted any selling interest.
Earlier in the day, Nexen offered a 1-10 April FORTIES at May BFOE flat and while it confirmed that the cargo had been sold, it declined to divulge any details.
Elsewhere, the StatoilHydro marketing team added a few more cargoes to its list and trimmed most of the prices.
The list of cargoes on offer now read:
17 March Troll at Dtd plus 180
20 March Varg at Dtd plus 1.70 CIF basis Rotterdam
26 March Asgard shown as “available”
28 March Gullfaks at Dtd plus 2.05 CIF basis Rotterdam
30 March Statfjord at Dtd plus 1.45 CIF basis Rotterdam
Cross month Oseberg(s) at Dtd plus 75 cents
By the end of the day, the TROLL and the GULLFAKS were reported to have been sold.
Dated to Paper – Assessments at 16:30 hours London
| Period | Bid/Offer | Deals Done |
| | | |
| 8-12 Mar: | May -1.17/-1.07 | |
| 15-19 Mar: | May -1.10/-1.00 | May -1.06 (x100) |
| 22-26 Mar: | May -0.96/-0.92 | May -0.94 (x100, x100, x100) |
| 29 Mar-1 Apr: | May -0.87/-0.77 | |
| 6-9 Apr: | May -0.75/-0.65 | |
| 13-16 Apr: | May -0.62/-0.52 | |
Dated to Front-line ICE Brent – Assessments at 16:30 hours London
| Period | Bid/Offer | Deals Done |
| | | |
| Bal Mar: | -0.89/-0.79 | |
| Apr: | -0.80/-0.70 | |
| May: | -0.72/-0.62 | |
| Q2’10: | -0.82/-0.64 | |
| Q3’10: | -0.64/-0.56 | |
| Q4’10: | -0.62/-0.54 | |
| 2011: | -0.49/-0.43 | |
| 2012: | -0.42/-0.36 | |
DEALS DONE: (Unless otherwise noted, prices were undisclosed)
FORTIES: 1-10 April.
GULLFAKS: 28 March. TROLL: 17 March.
THE ICIS BFOE TRADING MATRIX (TO 02 Mar 2010)
| | Mar 2010 | Apr 2010 | May 2010 | Jun 2010 | Jul 2010 |
| Month | Price | Pct | Price | Pct | Price | Pct | Price | Pct | Price | Pct |
Aug | --- | - | --- | - | --- | - | --- | - | --- | - |
| Sep | --- | - | --- | - | --- | - | --- | - | --- | - |
| Oct | --- | - | --- | - | --- | - | --- | - | --- | - |
| Nov | --- | - | --- | - | --- | - | --- | - | --- | - |
| Dec | --- | - | --- | - | --- | - | --- | - | --- | - |
| Jan | --- | - | --- | - | --- | - | --- | - | --- | - |
| Feb | --- | - | --- | - | --- | - | --- | - | --- | - |
| Mar | --- | - | --- | - | --- | - | --- | - | --- | - |
| O/ALL | --- | - | --- | - | --- | - | --- | - | --- | - |
| Deals | | - | | - | | - | | - | | - |
