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UK Money News


North Sea Crude-Forties steady, tighter supply supports

Tue, 13th Sep 2016 17:28


LONDON, Sept 13 (Reuters) - * Forties price differentials steadied on Tuesday, remaining at a premium to benchmark dated Brent as tighter supplies lent support.

* Three September-loading Forties cargoes have been dropped, according to trade sources, and several others have had their loading dates delayed because of lower than expected supply.

* The Buzzard oilfield will begin a month-long maintenance shutdown on Sept. 17 as planned, an industry source said, further reducing Forties output.

* A VLCC, Hakata, has sailed to China with a cargo of Forties, the first such shipment this month, according to shipping data. Another could follow as another VLCC, Baltic Sunrise, is anchored off Hound Point.

WINDOW SUMMARY

* Forties: Vitol sold to Glencore a Forties cargo loading on Sept. 29-Oct. 1 at dated Brent plus 15 cents. That is down 10 cents from a bid on Monday.

Petroineos bid an Oct. 1-8 cargo to dated Brent plus 35 cents, valuing Forties on average at dated plus 28 cents, steady from Monday.

* Brent: Glencore bid at dated Brent plus 25 cents for a Sept. 24-26 cargo, in line with a trade on Monday.

* Ekofisk: BP bid for an Oct. 5-8 cargo at dated Brent plus 50 cents, 10 cents higher than a trade on Monday. That is equal to dated Brent plus 18 cents when allowing for the quality premium for October Ekofisk cargoes of 32 cents.

* Ekofisk is still the cheapest benchmark grade based on Tuesday's indications and sets dated Brent. (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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