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Forties Oil Falls Near 8-Year Low as Shell, Total Trade Cargo

Bloomberg

 

 

Forties Oil Falls Near 8-Year Low as Shell, Total Trade Cargo 

By Alexander Kwiatkowski

July 11 (Bloomberg) — Forties North Sea oil fell to the lowest in almost eight years relative to Dated Brent after Royal Dutch Shell Plc sold a cargo to Total SA and Vitol Group offered a shipment without attracting a buyer.

Forties was at a discount of $1.63 a barrel to Dated Brent, compared with 95 cents yesterday, according to data compiled by Bloomberg. That’s the biggest discount since September 2000.

Shell, Europe’s biggest oil company, sold a shipment to Total, at least the second they have traded this week. Shell sold a cargo loading July 22 to July 24 at a discount of $1.55 to Dated Brent, the company said.

Vitol also offered a cargo, failing to attract a buyer. The trading house sought to sell a shipment loading between July 21 and July 23 at a discount of $2.30 to the price of August oil, it said.

Dated Brent for delivery in 10 to 21 days rose to $137.57 a barrel from $135.70 yesterday, according to Bloomberg data.

To contact the reporter on this story: Alexander Kwiatkowski in London at[email protected]

Last Updated: July 11, 2008 05:20 EDT

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