June 11, 2012 / 4:51 PM / in 5 years

North Sea Crude-Forties slips towards dated parity

3 Min Read

* BP switches to selling after buying spree
    * Statfjord supplies seen lower in July

    GENEVA, June 11 (Reuters) - North Sea Forties crude eased
further on Monday after BP switched from being the market's
dominant buyer to a seller, although other grades for
July-loading may be supported by limited supplies.	
    "There's still some pieces of equity cargoes hanging
around," said a North Sea trader to explain a dip of around 10
cents in Forties prices.   	
    Five offers were reported in the public window on Monday,
with BP offering two of the cargoes, with the grade assessed
around 10 cents lower overall.	
    BP bought five Forties cargoes in the public window last
week and a shipping fixture showed that the major was lining up
a Very Large Crude Carrier to sail from the North Sea to Asia on
June 24. 	
        	
    FORTIES	
    * Trafigura offered 24-26 Forties down to dated plus 10
cents.	
    * BP offered a 25-27 Forties for ship-to-ship transfer onto
the Stealth Skyros down to dated plus flat. It also offered a
27-29 loading cargo down to dated plus 5 cents.	
    * Vitol offered a 24-26 June cargo at dated plus 40 cents.	
    * Statoil offered a 1-3 July loading cargo at dated plus 15
cents.	
    	
    JULY PROGRAMMES	
    * Statfjord: This grade is due to load three cargoes
compared with five cargoes the previous months, leaving the
export forecast for July considerably lower at 83,000 barrels
per day.	
    * Duc: Daily exports will be little changed from June at
116,000 bpd. The oil will load on six cargoes.	
    * Flotta: Traders were still waiting for this programme on
Monday.	
    * The four benchmark North Sea crude oil streams are set to
pump 890,000 bpd in July, Reuters calculations based on loading
programmes showed on Wednesday, down from 943,000 bpd in June. 	
       	
    SWAPS	
    * Contracts for differences (CFDs) fell at the front of the
curve and were as follows:	
    	
    CFD	
    18-22/6 Aug -40	
    25-29/6 Aug -33	
    2-6/7 Sep -20	
    9-13/7 Sep -20	
    16-20/7 Sep -23	
    23-27/7 Sep -25 	
    	
    DATABASE	
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click here	
	
 (Reporting by Emma Farge; Editing by Alison Birrane)

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