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North Sea Crude-Forties, Ekofisk differentials firm despite market length

Wed, 08th Feb 2017 17:42

LONDON, Feb 8 (Reuters) - The differential for Fortiesfirmed slightly, despite lengthening medium sour supplies innorthern Europe, while the price for Ekofisk jumped after adeal.

* Forties has been under pressure since last week due tofalling differentials for competing Russian Urals in NorthwestEurope. On Tuesday an extra two cargoes were added to theFebruary Urals programme out of Baltic ports.

* A higher than usual amount of Kazakh CPC Blend has alsobeen making its way to Northwest Europe due to plummetingdifferentials with the added output from the Kashagan oilfied.

* About 10 cargoes arrived in Northwest Europe in Januaryand another eight are due to arrive in February, according toReuters shipping data. The region usually takes some four toseven cargoes of CPC Blend. The last spike was in October justafter Kashagan oil was added.

* Levels for non-BFOE grades have been fairly steady sinceJanuary, one trader said. Statfjord was being offered at arounddated Brent plus 75 cents a barrel, Grane was pegged at arounddated Brent minus $1.10 a barrel and Flotta at around datedBrent minus $1.20 a barrel.

* Gullfaks was being offered at around dated Brent plus$1.40 a barrel with traded levels lower at about dated Brentplus $1.25 a barrel.

* Royal Dutch Shell has submitted a plan to theBritish government for dismantling its Brent North Seaproduction platforms, a turning point for the UK oil industry asoperators face the huge challenge of abandoning depleted fieldsafter 40 years of production.

DEALS

* BP sold a cargo of Forties to Shell at dated Brent minus30 cents a barrel loading Feb. 21-23.

* Glencore sold a cargo of Ekofisk at dated Brent plus 35cents a barrel loading Feb. 28-March 2.

OUTSTANDING

* Mercuria bid for a cargo of Forties at dated Brent minus20 cents a barrel lading March 1-8.

* Glencore bid for a cargo of Forties at dated Brent minus25 cents a barrel loading March 1-5.

* Total bid for a cargo of Ekofisk at dated Brent plus 35cents a barrel loading Feb.

WITHDRAWN

* Vitol offered a cargo of Brent at dated Brent minus 50cents a barrel loading Feb. 20-22.

* BP offered a cargo of Forties at dated Brent minus 25cents a barrel loading Feb. 21-23.

*Statoil offered a cargo of Forites at dated Brent minus 10cents a barrel loading Feb. 24-26. (Reporting by Julia Payne; Editing by Greg Mahlich)

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