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North Sea Crude-Steady as another Forties delayed

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Thu Sep 27, 2012 12:55pm EDT

* Forties trade reports inactive but seen weaker
    * Prompt Forties steady at dated minus 20/30 cents
    * A fifth October Forties cargo has dates delayed

    LONDON, Sept 27 (Reuters) - North Sea Forties crude oil
differentials were assessed steady or weaker on Thursday despite
an absence of trade or discussion within the public trading
window.
    News of another delayed Forties crude oil cargo in October,
the fifth for that month, failed to provide much support for
prices, traders said, as refinery turnarounds reduced demand for
crude in Europe. 
    "Supply of almost all grades is really plentiful," said a
trader with a large independent commodities house. "There is
very little demand for North Sea-type light crudes and stocks
are building."

    FORTIES BFO-FOT
    * No deals, bids of offers of Forties crude were shown in
the afternoon trading window. On Wednesday, Shell offered a
Forties cargo at dated Brent minus 20 cents - 10 cents above a
deal on Tuesday - but later withdrew the offer.
    * Traders assessed prompt Forties cargoes at around dated
Brent minus 20 cents to minus 30 cents, largely steady from
Wednesday.

    SWAPS
    * Swaps stayed in contango at the front end of the curve
before switching into backwardation:
     1-5/10  Dec +86 
     8-12/10 Dec +102
    15-19/10 Dec +84 
    22-26/10 Dec +67 
    29-02/11 Dec +50 
     5-9/11  Dec +33

   DATABASE
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click here

 (Reporting by Christopher Johnson; Editing by Catherine Evans)
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