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LONDON, June 6 (Reuters) - The VLCC jetty at the North Sea'sHound Point crude oil terminal will reopen on June 16, aspokeswoman for operator BP told Reuters on Friday.
The reopening of Jetty 1, which is the only berth big enoughto take VLCCs at Hound Point, should help provide some supportto Forties crude oil differentials and Brent futures astraders will be able to ship crude to Asia once more.
Jetty 1 has been closed since the start of May for fenderand integrity works, which were expected to take between six andeight weeks.
During the closure of the jetty, Forties differentialsslumped to multi-year lows, with one mid-June loading cargotrading at dated Brent minus 95 cents on Thursday.
The depressed levels reflect the ample supplies of Fortiescurrently available in Europe and weak demand from localrefiners. Traders hope that Asian buying of Forties will give aboost to differentials, although some say the arbitrage iscurrently unworkable. (Reporting by Claire Milhench, editing by David Evans)