North Sea Crude-Forties up on Lower May Supplies

MarineLink.com
Wednesday, April 09, 2014

North Sea Forties crude differentials rose on Wednesday as traders pointed to lower supplies in May, and rumours of possible shipments to South Korea.

The May loading programme is down 13 percent month-on-month, offering support to prices, especially as refineries start to return from spring maintenance.

BP sold Chevron a cargo of Forties for loading May 2-4 at dated Brent plus 5 cents, up from the last trade on Thursday at dated Brent minus 15 cents.

A bid from ENI for a late April loading was even higher, but failed to find any offers.

Traders are also eyeing a possible VLCC cargo to South Korea in late April, but many have expressed doubts it will sail.

Shipping fixtures on Monday showed the Phoenix Vanguard had been chosen by Shell for a shipment to South Korea, departing around April 24.

The ship is now just north of the Canary Islands off northwest Africa. Shell also nominated the Phoenix Vanguard for a similar shipment in March but this didn't go ahead.

Traders also said there was a rumour that a Suezmax to South Korea might be booked for May, when the VLCC jetty at Hound Point will be closed for maintenance.

Forties

BP sold a cargo of Forties for loading May 2-4 at dated Brent plus 5 cents in the Platts price assessment window.

ENI bid for Forties for loading April 25-30 at dated Brent plus 10 cents, but found no offers.

The last trade came on Thursday at dated minus 15 cents for April 17-19 Forties.


(Reporting by David Sheppard; Editing by David Evans)

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

Asia Tanker, VLCC Rates Could Climb

Charterers to release 30 Middle East VLCC cargoes next week. VLCC market buoyed by upbeat Suezmax, Aframax sectors. Rates for very large crude carriers (VLCCs)

BG Group's Queensland Curtis LNG to Ship First Cargo

BG Group is set to ship the first cargo of liquefied natural gas from its flagship gas project Queensland Curtis LNG on Dec. 20, a source familiar with the matter told Reuters.

Energy

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

Update: Explosion in the Gulf of Mexico

An explosion occurred aboard a production platform Thursday at West Delta 105, operated by Fieldwood Energy, resulting in one fatality and three injured. The Bureau

New Tidal Wave Energy Device Completes Sea Trials

In the continuing quest to harvest efficient, renewable energy from the power of the world’s tides, an organization called Sustainable Marine Energy’s announced

News

Sea Star Line: Equipment Replacement Plan on Track

Company Receives New Refrigerated Containers and Places Order for New Genset Equipment   Sea Star Line, LLC began receiving the first of its new 100 40’ and 45’

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

October Imports up 9% at Port of Oakland

Containerized imports shipped through the Port of Oakland were up 9.17% in October from a year ago, the port said, citing the surge as the biggest jump in import cargo volume in six months.

Offshore Energy

Update: Explosion in the Gulf of Mexico

An explosion occurred aboard a production platform Thursday at West Delta 105, operated by Fieldwood Energy, resulting in one fatality and three injured. The Bureau

Deepwater Semi-Sub COSL Prospector Delivered

COSLProspector, the fourth deep-water semi-submersible drilling rig built by CIMC Raffles for China Oilfield Services Limited (COSL), has been delivered in Yantai, Shandong Province.

New Tidal Wave Energy Device Completes Sea Trials

In the continuing quest to harvest efficient, renewable energy from the power of the world’s tides, an organization called Sustainable Marine Energy’s announced

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1211 sec (8 req/sec)