Royal Dutch Shell Plc failed to buy North Sea Forties crude at a higher differential than a previous bid. Eni SpA sought to purchase a Russian Urals blend in the Mediterranean for the fourth day. The company lowered its bid from a four-month high in the previous session.
Wheat traders are the most bearish since at least November as the outlook for bigger harvests in the Black Sea region, Australia and Europe is raising competition for export markets and sending prices lower.
Total SA failed to sell North Sea Forties crude at a higher price than its offer yesterday. Vitol Group sought to sell Russian Urals blend in the Mediterranean at a smaller discount than the last transaction without success.
Wheat faces a “bearish” summer and autumn on increased supply from the Black Sea region and uncertainty about imports, said Francois Luguenot, head of market analysis at French grain cooperative Union InVivo.
The Caspian Pipeline Consortium, which operates the only oil export link in Russia with foreign shareholders, will reduce daily crude exports from the Black Sea in July by 1.2 percent from June, a provisional loading program obtained by Bloomberg News showed.
Trafigura Beheer BV sold North Sea Forties crude at a lower price than the previous trade. Royal Dutch Shell Plc sold Russian Urals blend at a smaller discount than the last transaction in northwest Europe.