LONDON: North Sea crude differentials were steady to weaker on Friday, reflecting lacklustre buying interest and ample supply for loading in February.
The Brent stream set the dated Brent benchmark as it was offered lower by Shell at a price that makes it the cheapest of the four benchmark North Sea grades.
Traders say supply is ample and even the sale of some 4 million barrels of January-loading Forties to South Korea - usually a supportive factor - has had a limited market impact.
BRENT, FORTIES
Shell offered Brent loading on Feb. 6-8 at dated Brent minus 30 cents, lower than the most recent indication.
Eni offered a Forties loading on Feb. 12-14 at dated plus 10 cents, suggesting little change from Thursday.
EKOFISK, OSEBERG
Trafigura offered Ekofisk loading on Jan. 31-Feb. 2 at dated plus 15 cents, weaker than the last known deal at dated plus 20 cents. * No activity was seen on Oseberg, which traded on Thursday at dated Brent plus 60 cents.
The quality premium for February Oseberg cargoes is 77 cents and for Ekofisk 37 cents. Allowing for these, Brent is the cheapest benchmark grade on Friday.
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