LONDON: North Sea Forties crude price differentials rose on Thursday for the first time in two weeks, after higher bids materalised late in an otherwise weak market, traders said.
Traders said physical barrels were nonetheless struggling to find buyers as differentials were still perceived to be too high, despite falling to 2016 lows in the case of Ekofisk and near-two month lows for Forties.
Reuters shipping data showed Total's shipping arm now has the VLCC Orthis to load fuel oil at Southwold.
The vessel had initially been chartered by Shell to load Forties in July.
WINDOW SUMMARY
Statoil sold Shell a cargo of Forties for loading Jul 8-10 at a discount of 30 cents to dated Brent.
Shell bid for a cargo of Forties for loading Jul 20-23 at a discount of 40 cents to dated Brent.
Statoil withdrew an offer for Forties loading Jul 6-8 at 55 cents below dated Brent. * BP withdrew an offer for a cargo of Forties for loading Jul 11-13 at 50 cents below the dated price.
Forties was most recently quoted at a discount of 85 cents to dated Brent.
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