Register
Login:
Share:
Email Facebook Twitter


#AST: Board changes and new strategy for Ascent as Hutchinson looks at new projects
EXCLUSIVE: Petro Matad announce fully funded 4 well Mongolia campaign


UK Money News


North Sea Crude-Forties diffs ease; swaps contango steepens

Mon, 9th Jan 2017 18:00


LONDON, Jan 9 (Reuters) - North Sea Forties crude differentials fell on Monday, easing to their their lowest in three weeks, under pressure from a surplus of unwanted barrels that pushed the swaps curve into its steepest contango in a month.

* The contracts-for-difference (CFD), or swaps curve, widened to a contango of about 66 cents, the highest since mid-December.

* Forties was offered as low as its weakest since mid-December but found no takers, while Vitol again offered cargoes from the supertanker New Success but failed to find a buyer.

* Reuters shipping data showed provisional bookings for three VLCCs to take 6 million barrels of North Sea crude to Asia so far this month. This compares with just 2.2 million barrels in December and a little more than 7 million barrels for the whole of January 2016, suggesting that demand is much stronger this year.

* Production from 12 major North Sea crude streams will average 2.143 million barrels per day (bpd), up from January's loading rate of 2.114 million bpd, according to Reuters calculations based on loading programmes provided by trade sources.

This will be the largest loading programme since March 2016.

WINDOW SUMMARY

* Unipec offered a cargo of Brent for loading Jan. 23-25 at a discount of 10 cents to the dated price.

* Vitol offered a cargo of Forties for loading Jan. 30-Feb 1 at a discount of 35 cents to dated Brent.

* Statoil withdrew an offer for a cargo of Brent for loading Feb. 4-6 at a discount of 5 cents to the dated price.

* Mercuria withdrew an offer for a cargo of Forties for loading Feb. 2-4 at a discount of 15 cents to the dated benchmark price.

* Vitol withdrew an offer for a cargo of Forties for loading Jan. 24-26 via STS at Scapa Flow from the VLCC New Success at a premium of 30 cents to dated Brent.

* Mercuria withdrew an offer for Oseberg for loading Jan. 31-Feb 2 at a premium of 60 cents to the dated price.

* BP withdrew an offer for a cargo of Oseberg for loading Feb. 1-3 at a premium of 65 cents to dated Brent. (Reporting by Amanda Cooper; Editing by David Goodman)



(c) Copyright Thomson Reuters 2017. Click For Restrictions - http://about.reuters.com/fulllegal.asp




Back to UK Money News


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk




Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.