Refiners are at last emerging from maintenance and are ramping up runs. Spanish refiner Repsol has fixed the Minerva Lisa to take 80,000 tonnes of Ekofisk from Teesport to Northern Spain on Nov. 27, according to shipping data.
This follows a fixture by Shell earlier in the week for the Genmar Elektra to take 80,000 tonnes of Brent from Sullom Voe to the Mediterranean around Nov. 30.
Southern European refineries have been steady buyers of North Sea crudes in recent weeks as they seek alternatives to Libyan light, sweet crude. Exports from the country remain sporadic.
For the trans-Atlantic trade, Canada's Irving is looking to take 135,000 tonnes of crude from Mongstad to Canaport, New Brunswick, on Nov. 30 in the Delta Hellas. The crude is probably bound for Irving's Saint John refinery.
BP is considering sending 135,000 tonnes of Ekofisk across the Atlantic on the Genmar Argus around Dec. 2.
Looking East, Total's shipping arm CSSSA has booked the Front Njord to take 130,000 tonnes of Forties from Hound Point to Onsan in South Korea on Dec. 4.
Traders said that up to three VLCCs are now expected to ship Forties to the Far East in December two to South Korea and one to China - but details remained sketchy.
In any case, a fatal pipeline explosion at a major Chinese oil port will affect crude imports in coming weeks, as the pipeline supplies several refineries. Sinopec has halted its crude and product buying.
One trader also pointed out that the Brent-Dubai spread had widened out again so the arbitrage East has effectively closed. The spread has rallied to $4.60 off a low of $2.60 on Nov. 8.
BRENT
Shell sold a Dec. 7-9 Brent cargo to Eni at dated Brent plus 70 cents, a trader said.
BP and Mercuria were also seeking Brent cargoes in the afternoon price assessment window.
BP bid for Dec. 15-17 Brent at dated plus 35 cents and Mercuria bid for Dec. 19-21 Brent at dated plus 45 cents.
OSEBERG, EKOFISK
Both BP and Trafigura targeted Ekofisk cargoes, with BP bidding dated Brent plus $1.30 for Dec. 13-15 loading dates, and Trafigura bidding dated Brent plus $1.35 for Dec. 5-18.
On Tuesday a Dec. 5-7 Ekofisk cargo traded at dated Brent plus $1.
BP was also seeking Dec. 11-13 Oseberg at dated Brent plus $1.35.
Oseberg's quality premium for December loading cargoes is around 76 cents a barrel and Ekofisk's is around 68 cents a barrel. When these are applied, Oseberg is the weaker crude.