Trading sources this week have pointed to less refinery maintenance in the region, together with demand for North Sea crude from abroad, and in particular from China, as part of the strength behind the differentials.
According to Reuters/Genscape data, there is more refining capacity online in northwest Europe than at this point last year.
The data show there are 9.705 million bpd of capacity online out of a total 9.777 million bpd compared with 9.58 million at this point last year and 9.205 million bpd in 2014.
Over the second half of September and into October, there are two VLCCs lined up to take Forties to Asia, together with a suezmax that Statoil has chartered to take an as-yet unspecified Norwegian crude to China.
WINDOW SUMMARY FORTIES/BRENT
Vitol sold Shell a cargo of Forties for loading Sept. 27-29 at parity with dated Brent, via STS at Scapa Flow from the Marbat.
BP sold Glencore a cargo of Forties at 30 cents above dated Brent for loading Oct. 6-8.
Vitol sold Glencore a cargo of Ekofisk for loading Sept. 27-Oct. 2 at 40 cents above dated Brent.
Shell bid for a cargo of Brent for loading Oct. 10-12 at 20 cents above the dated price.
Petroineos bid for a cargo of Forties at 20 cents above the dated price for loading Oct. 10-15.
Glencore bid for a cargo of Ekofisk for loading Oct. 5 at 9 cents above the dated Brent price and for a second cargo at 40 cents above the dated price for loading Sept. 29-Oct. 2.
Shell bid for a cargo of Ekofisk for loading Oct. 13-15 at 55 cents above the dated benchmark.
BP offered a cargo of Brent at 35 cents above the dated Brent price for loading Oct. 10-12.
No other bids, trades or offers were reported.