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Suezmax cargo loaded with Ekofisk crude oil makes rare move to South America: cFlow

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Suezmax cargo loaded with Ekofisk crude oil makes rare move to South America: cFlow

London — A Suezmax cargo of Ekofisk crude is headed to South America, according to S&P Global Platts trade flow software cFlow, in an unusual move for the North Sea crude grade.

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The Zenith Spirit and loaded Ekofisk parcels C12287 and C12290 in July at UK's Teesside terminal.

1 million barrels of Ekofisk was previously offered subject to Zenith Spirit by BP during the Platts Market on Close (MOC) process on July 31, on a CFR Rotterdam delivered basis, pricing at a 90 cents/b premium to Dated Brent.

Since being offered in the MOC, the draft of the vessel has not changed, according to cFlow, suggesting the vessel has not sold off any clips yet, as it now journeys across the Atlantic to Brazil.

BP declined to comment.

Typically, Ekofisk would be sold into shorts in Northwest Europe or occasionally into Asia.

Traders said this cargo could be sold into a tender in South America. Uruguay's state-owned ANCAP has previously bought various grades of crude, including North Sea's Statfjord crude earlier this year.

This comes at a time when pricing differentials for the North Sea BFOE crudes (Brent, Forties, Oseberg, Ekofisk) have been pressured of late, amid an increase in BFOE volumes floating in the North Sea.

--Ahila Karan, ahila.karan@spglobal.com

--Edited by Alisdair Bowles, alisdair.bowles@spglobal.com