LONDON: Forties differentials stayed at a discount to dated Brent on Tuesday, pressured by ample supply for July loading and a lack of buying interest.
The weakening market structure and widening contango are making storing crude more viable, and some cargoes are heading straight into storage, a trader said. * The first of the August loading programmes for benchmark grades was issued on Tuesday, showing steady Oseberg loadings.
WINDOW SUMMARY
Forties: BP offered a cargo at dated Brent minus 55 cents a barrel for loading July 9-11, the same as an offer on Monday.
The last trade was at dated minus 80 cents, the lowest since early May, on Friday, although a higher bid on that day left the average differential at dated minus 58 cents.
No other benchmark grades were offered in the Platts window.
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