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North Sea Crude-Forties diff edges lower, April benchmark supply to fall

Fri, 01st Mar 2019 18:11

LONDON, March 1 (Reuters) - The differential for Fortiescrude fell on Friday in thin activity, while the Brent Blendprogramme for April emerged with four cargoes.

* S&P Global Platts issued its first quality premium (QP)for Norwegian Troll on Friday at $1.0524 per barrel for Aprilloading cargoes. The QP for Oseberg was set at $0.5415 andEkofisk at $0.4569.

* The QP will bring the price of light, sweet Troll more inline with the other four grades used to set benchmark datedBrent. Troll tends to command a significant premium above eventhe other light grades.

* The supply of the five benchmark grades - Forties, Brent,Ekofisk, Oseberg and Troll - will fall in April to 920,000barrels per day (bpd) versus March at 948,000 bpd.

* Norwegian oil and gas company Aker BP isswitching emphasis from M&A towards exploration, taking apotentially riskier path to increase its resources after yearswhen it has relied on acquisitions to add the bulk of its newbarrels.

WINDOW SUMMARY

* Forties: Mercuria offered a 600 barrel cargo at datedBrent minus 65 cents a barrel loading March 17-19.(Reporting by Julia Payne and Alex Lawler; Editing by MarkPotter)

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