North Sea Crude: Forties Stronger, May Supplies Down

Posted by Eric Haun
Friday, April 04, 2014

North Sea Forties crude differentials rose for a third day on Friday as the May loading schedule showed a drop in supplies from this month.

The supply of North Sea crude that underpins the Brent benchmark will average 774,000 barrels per day (bpd) in May, according to loading schedules provided by trade sources on Friday, down from April.

Planned maintenance at Oseberg will reduce supply of that grade to two cargoes, or 39,000 bpd, while supply of Forties will also be lower, trade sources said.

No deals were done on Friday as traders assessed the May loadings, but bids were higher.

Refining margins remained at healthy levels, according to Reuters models, giving end-user crude demand some support.

The Brent market structure was also more bullish as doubts in the market about a swift return of Libyan supplies intensified.

The front of the forward curve had briefly flipped into contango on Wednesday on expectations that rebel-held Libyan ports would soon reopen, but it was in a near 10 cent backwardation on Friday. <LCOc1-LCOc2>

The Libyan government said it had seen evidence of "good intentions" at indirect talks with eastern rebels, which could lead to renewed exports, but that a deal has still not been done.

Forties

In the Platts window, Shell bid for a cargo loading April 20-23 at dated Brent plus 35 cents and for another cargo loading April 24-27 or April 28-May 1 at parity to dated Brent.

That was up from the last deal on Thursday when Mercuria bought from Vitol for loading April 17-19 at dated minus 15 cents.

(Reporting by David Sheppard; editing by Jane Baird)

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

Offshore

ABS to Class First Self-elevating Unit Built in Qatar

ABS, a provider of classification services to the global offshore industry, was selected by Nakilat-Keppel Offshore & Marine (N-KOM) to class its LB310S liftboat,

Industry Partnership to Enhance BOP Maintenance

The maintenance of blowout preventers (BOPs) has significant financial, logistical and safety implications for drilling operators and rig owners. DNV GL has now

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

Tanker Trends

Livanos Becomes Euronav Chairman

On 22 July 2014, the Board of Directors of Euronav NV unanimously appointed Peter G. Livanos as Chairman of the Board, with immediate effect in replacement of Marc

MN 100: gplink

1500 Sensation Weigh Beaufort, NC 28516 Tel: (252) 504-2640    Email: dwebb@gplink.com Website: www.gplink.com President & CEO: Greg Poole, III The Company: gplink

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Energy

Livanos Becomes Euronav Chairman

On 22 July 2014, the Board of Directors of Euronav NV unanimously appointed Peter G. Livanos as Chairman of the Board, with immediate effect in replacement of Marc

Scottish Independence Would Hurt Maritime Sector

A vote for independence from the U.K. would have a negative effect on the Scottish shipping and offshore maritime sector, according to a survey by leading international

Report: Ports Lack Maintenance Support

The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide.

News

Reflex Marine to Bring FROG-6 into Mexico

Reflex Marine has been granted approval by the Mexican Merchant Marines to sell its crane transfer device, the FROG-6, in Mexico. The certification is a result

Euronav Books Profit from Sale of Chartered Ship

The owner of the 157,258 dwt containership Cap Isabella (built 2013), a vessel which Euronav had on bareboat charter, decided to sell the vessel to an unrelated third party.

Seaborne Ethane and Demand for a New Ship Type

Lloyd's Register report looks at the commercial landscape, regulatory issues and technical realities of a new trade in ethane emerging as a result of increased U.

Offshore Energy

SBI Offshore Negotiating Contract for Rig Builds

SBI Offshore Limited has announced that the Middle East-Chinese consortium, which recently awarded its subsidiary a contract to provide design and engineering services for a jack-up drilling rig,

Brazilian PSVs Get Rolls-Royce Offshore Cranes

Rolls-Royce signed a contract with Detroit Chile SA to supply offshore cranes to nine Platform Supply Vessels (PSVs) presently under construction at Detroit Brasil Ltda.

Industry Partnership to Enhance BOP Maintenance

The maintenance of blowout preventers (BOPs) has significant financial, logistical and safety implications for drilling operators and rig owners. DNV GL has now

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1122 sec (9 req/sec)