LONDON: Forties crude differentials fell on Thursday, pressured by lower offers amid ample supplies and a lack of demand.
There are substantial volumes of Forties in floating storage off the UK coast, and these barrels are pressuring differentials.
Total again offered Forties for sale from the VLCC Orthis, anchored off the British coast, without selling. There are at least three other VLCCs full of Forties - Sara, Gener8 Ulysses and Maran Thetis - anchored off the UK coast, according to Reuters shipping data.
The first loading programme for a benchmark North Sea crude in September appeared on Thursday, showing higher supplies of Oseberg.
WINDOW SUMMARY
BP offered a Forties cargo loading on Aug. 15-17 at dated minus 40 cents.
Total offered a cargo of Forties for loading Aug. 10-15 via STS at Scapa Flow from the Orthis at a discount of $1.60 to October BFOE, down 5 cents on that basis from an offer on Wednesday.
Forties was therefore assessed at dated Brent minus 45 cents, down from dated minus 28 cents on Wednesday, making it the cheapest benchmark crude.
No other grade was bid or offered in the Platts window.
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