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North Sea Crude-Steady, floating barrels weigh

Mon, 11th Jul 2016 17:10


LONDON, July 11 (Reuters) - * North Sea crude oil price differentials were steady on Monday even as ample supplies weighed on the market.

* There was talk of North Sea cargoes heading into floating storage again. One trader said the market structure, after a steepening of the contango, was making it more viable to store crude in this way.

* Shipping data indicates two supertankers carrying Forties, Maran Thetis and Sara, are still at anchor off the UK coast.

* Supply of the main North Sea crudes is scheduled to fall in August, potentially providing some support.

WINDOW SUMMARY

* No deal was reported on any of the benchmark crudes in the Platts window.

* Forties: Total offered a cargo loading on July 24-26 at dated Brent plus 50 cents. That was up 35 cents from the last known deal and there was no sign on Monday of bids rising, so Forties remains unchanged. (Reporting by Alex Lawler, editing by William Hardy)



(c) Copyright Thomson Reuters 2016. Click For Restrictions - http://about.reuters.com/fulllegal.asp




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