LONDON: North Sea Ekofisk crude oil differentials fell to their weakest since early August on Wednesday, in line with a decline in lighter, sweeter grades around the Atlantic Basin.
In the West African market, Nigerian grades have been depressed by the impending return of flows from the Qua Iboe and Forcados streams, while in the Med, CPC blend and Azeri light, two close competitors, have seen little trade.
In flows, Glencore's shipping arm has booked two VLCCs to load Forties at Hound Point. The Marbat, which had originally been booked by Vitol to sail to South Korea, from which the trading house has sold cargoes of Forties, is scheduled to load in the second week in October.
The second is the Daba, which has been tentatively chartered to load at the same time, although the terminal at Hound Point can only accommodate one supertanker at a time, each taking roughly 60 hours to load.
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