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UK Money News


North Sea Crude-Differentials firmer in Aug-loading trades

Wed, 13th Jul 2016 17:38


LONDON, July 13 (Reuters) - * North Sea crude oil price differentials rose on Wednesday in early trade of August-loading barrels, when supply is set to be tighter.

* Reuters shipping data indicates that a supertanker, Orthis, is loading Forties crude from another vessel Maran Thetis at Southwold and will sail to South Korea, potentially removing some of the unsold barrels from the region.

* Unsold cargoes held in floating storage have been keeping a lid on differentials and pressuring the market, say traders. At least one other VLCC loaded with Forties remains parked off the UK.

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

WINDOW SUMMARY

* Brent: Shell sold to Vitol an Aug. 4-6 cargo at dated Brent minus 40 cents, up about 25 cents from the last known deal.

* Forties: Total offered a Forties loading on July 25-27 at dated minus 40 cents. Forties remains valued at dated minus 52 cents in line with Tuesday's indications, as there was no sign of a higher bid on Wednesday. (Reporting by Alex Lawler; Editing by Elaine Hardcastle)



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




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