LONDON: The Forties differential firmed on Thursday as an overhang of cargoes began to clear with some demand coming from a tightening Mediterranean market.
A counter-seasonal glut of light end refined products, particularly gasoline, have been dampening demand for light sweet North Sea grades as margins have sunk with little respite in view.
US gasoline and distillate stocks surged unexpectedly last week, data showed on Wednesday, crimping margins for refiners at the height of summer driving season, a time when they generally enjoy healthy demand and profits.
WINDOW SUMMARY
Shell bid for a cargo of Forties at dated Brent minus 40 cents a barrel loading July 25-27.
Total offered a cargo of Forties at dated Brent minus 30 cents a barrel loading July 27-29. The offer was 10 cents a barrel stronger than on Wednesday but slightly later dates.
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