LONDON: North Sea output will hit a two-year low in September due to field maintenance, according to loading programmes, tightening the market.
There are signs that a build-up of Forties held on VLCCs off the UK coast is easing, potentially helping to support differentials.
Two such vessels, Gener8 Ulysses and Orthis, have left for Rotterdam in recent days, according to shipping data.
At least one other VLCC of Forties, Maran Thetis, is still close to Hound Point.
Forties differentials were unchanged on Wednesday, while Ekofisk was bid higher.
No deal was done.
WINDOW SUMMARY
Forties: Petroineos bid up to dated Brent minus 10 cents for a Sept. 9-11 cargo, 5 cents less than a bid on Tuesday, leaving Forties unchanged.
Ekofisk: Vitol bid for a Sept. 14-16 cargo at dated plus 35 cents, 5 cents higher than a bid on Tuesday and equal to dated Brent parity when allowing for the September quality premium of 35 cents.
Brent: No indication seen on Wednesday. Bid at dated minus 15 cents on Tuesday, so it is still the cheapest benchmark grade.
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