Markets

North Sea Crude-Forties steady, ample supply weighs

Published August 8, 2016 Updated August 8, 2016 05:14pm

1 min

By Shoaib Ur Rehman

Add BRecorder as a trusted
source on Google

LONDON: Forties crude differentials were unchanged on Monday at a discount to dated Brent, as ample supply weighed on the market.

At least three VLCCs - Gener8 Ulysses, Maran Thetis and Orthis - holding Forties remained anchored off the UK coast. Cheap freight and a contango price structure have made floating storage more viable.

Oseberg and Brent were both offered for sale, without attracting buyers.

WINDOW SUMMARY

Unipec offered a Forties cargo loading on Aug. 28-30 at dated Brent minus 20 cents, without selling.

Forties stays valued at Friday's level of dated Brent minus 80 cents. Oseberg: Gunvor offered an Oseberg loading on Sept. 8-10 at dated plus 90 cents, about 20 cents higher than the last assessment.

Brent: Statoil offered a cargo at dated minus 10 cents, also higher than Friday's assessment.

Read Comments