LONDON: Forties differentials fell on Thursday, with lower offers failing to tempt buyers.
Total's five French refineries are running at "minimum output level" due to a nationwide strike against a French labour law reform, a CGT Union official said.
This has increased the incentive for Total to offer more barrels from floating storage.
This countered the impact of tighter June supply and Nigerian outages.
A lower contango has reduced the incentive for owners of cargoes to keep them as floating cargoes, traders said.
Operations at ConocoPhillips' Seal Sands terminal on Teesside in northeast England, which loads Ekofisk, may face disruption if a strike goes ahead, according to a statement from the Unite labour union.
WINDOW SUMMARY
Petroineos bid for Forties loading on 29 May-June 7 at dated Brent plus 15 cents.
This compared to an offer for May 28-June 5 at dated Brent plus 55 cents the day before.
Total again offered a number of Forties cargoes from floating storage on a ship-to-ship transfer basis. One of these loading on June 6-12 was at July cash BFOE minus 40 cents.
This compared to an offer the day before for a May 28-June 1 cargo at August BFOE minus $1.15.
There was no activity on other benchmark crude grades.
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