North Sea Crude-Forties loses some strength
LONDON, Oct 8 (Reuters) - North Sea Forties crude differentials weakened a notch on Monday but still stayed near the strongest since late August after fresh loading programmes showed a constrained volume picture last week. The programmes showed that four benchmark North Sea crude oil streams - Brent, Forties, Oseberg and Ekofisk - are set to pump around 780,000 barrels per day (bpd) in November, down from 871,000 initially scheduled for October. But it also showed that at least four cargoes have been deferred into November from the October programme as almost the entire October schedule has been deferred due to lower-than-expected production. The deferral should be able to slightly compensate for lower Forties November loadings, and easing fears were on Monday visible in the easing backwardation of the entire swaps curve. FORTIES BFO-FOT In the Platts window, Trafigura sold an Oct 22-24 Forties cargo to BP at dated Brent plus 55 cents, some 10 cents weaker than price estimates last week. Morgan Stanley bids for an Oct 23-Nov 1 Forties at dated plus 45 cents and Shell offered an Oct 22-24 Forties at dated plus 80 cents. Differentials strengthened last week to their highest since late August due to large-scale disruptions to October loadings. SWAPS * The swaps curve remained in backwardation, but narrowing along the entire curve. 15-19/10 Dec +95 22-26/10 Dec +75 29-02/11 Dec +55 5-9/11 Dec +35 12-16/11 Dec +15 19-23/11 Dec -3 DATABASE For a database of oil supply and demand fundamentals upstream and downstream, Reuters subscribers can click here (Reporting by Dmitry Zhdannikov,; editing by William Hardy)
- Exclusive: Secret contract tied NSA and security industry pioneer |
- U.S. aircraft hit by gunfire in South Sudan as conflict worsens
- Four men arrested in deadly N.J. shopping mall carjacking
- With Fed out of the way, what's next on Wall Street?
- Analysis: Lost Brazil order raises threat to Boeing fighter jets