North Sea Forties Up, VLCC at Hound Point

Posted by Eric Haun
Thursday, April 10, 2014

North Sea Forties crude differentials edged higher in quiet trade on Thursday as dealers eyed a potential VLCC shipment to South Korea and lower supplies next month.

The BW Utah VLCC has docked near to the Hound Point loading terminal at the mouth of the Firth of Forth, ship tracking data showed, and is expected to load a cargo of crude to South Korea, traders said.

There were no deals, but ENI increased its bid for a cargo of Forties for loading in late April to dated Brent plus 15 cents from dated Brent plus 10 cents in the previous session.

Total offered a cargo of Forties for loading May 5-7 at dated Brent plus 5 cents, but found no buyers.

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

Forties
No deals were completed in the Platts price assessment window, traders said.

Total offered a cargo of Forties for loading May 5-7 at dated Brent plus 5 cents, but found no buyers.

ENI bid for a cargo of Forties for loading April 25-30 at dated Brent plus 15 cents, but found no offers. That was up from a bid from ENI on Wednesday for the same loading time at dated plus 10 cents.

The last trade was on Wednesday when BP sold a cargo of Forties for loading May 2-4 at dated Brent plus 5 cents.

(Reporting by David Sheppard; Editing by David Evans)

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