LONDON: North Sea Forties crude price differentials held steady on Tuesday, drawing support from indications that Asia could absorb more December-loading barrels.
Forties is still valued at a discount to dated Brent, where it has traded since the start of October due to ample supply in the Atlantic Basin.
A third fixture of a supertanker to take Forties to Asia in December has emerged, raising the chances that at least some of the North Sea's supply will be leaving the region next month.
Shipping data suggests BP has fixed both the Front Page and the Voyager I to take Forties to South Korea in early December, while Trafigura has fixed another VLCC, Al Kout, for the same trip.
While such fixtures often fail, a trade source said the Voyager I's trip looked "likely" to happen.
The dropping of one of December's Forties cargoes and signs that an overhang of competing Nigerian cargoes is getting smaller has also tightened supply.
FORTIES, BRENT
Petroineos bought from Total a Forties cargo loading on Dec. 12-14 at dated Brent minus 50 cents. Shell bought from Vitol a cargo of Brent loading on Dec. 10-12 at dated minus 65 cents, traders said.
That means Forties is steady from a trade at dated minus 55 cents on Monday.
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