LONDON: North Sea Forties crude differentials hit the highest level since early January 2016 on Monday on the back of strong refining margins, following Hurricanes Harvey and Irma, and a backwardated oil futures structure.
OPEC production cuts, leading mostly to a reduction in sour crude supplies, have also underpinned prices for some months including light, sour Forties.
October loading cargoes of non-BFOE grades have largely sold out up until the last 10 days of the month.
Medium, sour Norwegian Grane traded at rare premiums to dated Brent, traders said. One specified that deals were done around dated Brent flat to as high as dated Brent plus 20 cents a barrel.
Statoil was offering Troll at dated Brent plus $1.95 a barrel, Gullfaks at dated Brent plus $2.10 a barrel and Aasgard at dated Brent plus 90 cents a barrel.
Flotta was said to be sold out after trading at around dated Brent minus 40-50 cents a barrel.
DEALS
Vitol sold a cargo of Forties from the Desimi tanker at dated Brent plus 25 cents a barrel loading Sept. 28-30.
FORTIES BIDS/OFFERS
PetroIneos bid for two cargoes of Forties at dated Brent plus 80 cents a barrel loading Oct. 6-8 and at dated Brent plus 85 cents a barrel loading Sept. 28 to Oct. 2.
Shell bid for three cargoes of Forties at dated Brent plus 95 cents a barrel loading Sept. 28-30, dated Brent plus 85 cents a barrel loading Oct. 6-10 and dated Brent plus 90 cents a barrel loading Sept. 21-25.
Gunvor offered a cargo of Forties at dated Brent plus 80 cents a barrel loading Sept. 25-27.
Comments
Comments are closed for this article.