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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Prosafe Appoints Interim Chairman of the Board

Prosafe, owner and operator of semi-submersible accommodation vessels, informs that its Chairman, Harald Espedal, has notified the company that he will step down

Energy

Höegh LNG Turns to Profit in 1Q

Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015.

China COSCO Moving to Offshore Winds

China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

News

Fednav Celebrates 50th Anniversary

Shortly after the inauguration of the Saint Lawrence Seaway in 1959, and the growth of grain exports that followed, Fednav realized that incoming steel products

Wärtsilä Donates Engine to Texas A&M University

Wärtsilä has donated an 8-cylinder Wärtsilä 20 engine and generating set, to the Marine Engineering Technology Department at Texas A&M University at Galveston.

Start of Fleet Week New York 2016

The U.S. Navy, Marine Corps, Coast Guard, and the proud citizens of New York helped usher in Fleet Week New York (FWNY) 2016 with the Parade of Ships, May 25. Four Navy ships,

Offshore Energy

VOS Sugar First Charter

The newest addition to Vroon’s fleet, subsea-support vessel (SSV) VOS Sugar, recently started work in the BARD Offshore 1 Offshore Wind Farm (OWF). The vessel

China COSCO Moving to Offshore Winds

China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided

World’s Biggest LNG Buyer Becomes Seller

EDF Trading, a wholly-owned subsidiary of French power giant EDF, has signed an LNG sales and purchase agreement with Japanese LNG aggregator Jera Co Inc, one

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1030 sec (10 req/sec)