LONDON, Oct 8 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
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.
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.
* 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
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(Reporting by Dmitry Zhdannikov,; editing by William Hardy)