North Sea Crude-Forties diffs move into positive territory

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, March 1 (Reuters) - North Sea forties crude oil differentials returned to positive territory for the first time in more than a week on Wednesday as April loading programmes showed that benchmark North Sea oil supply is set to fall next month.


* Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 660,000 barrels per day (bpd) in April, down from 716,000 bpd in March, loading programmes showed.
* Supplies of Russian Urals crude to Turkey reached a four-month high in February after STAR refinery, owned by Azerbaijan oil company SOCAR, resumed purchases of the blend, data showed and four industry sources said on Wednesday.
* Russia's second-largest oil producer Lukoil has set up ship-to-ship (STS) loadings of Urals oil near the western port of Kaliningrad, Refinitiv Eikon data showed and trading sources told Reuters on Wednesday.
* U.S. crude oil inventories rose for the 10th week in a row, surging to their most since May 2021, data from the U.S. Energy Information Administration showed on Wednesday. PLATTS WINDOW
* Indications are on a free-on-board (FOB) basis unless marked as cost, insurance and freight (CIF) or delivered at place (DAP).
* There were no deals, a trade source said.


* Forties: Vitol bid for a cargo at dated Brent plus 20 cents, loading Mar. 28-30.


* Forties: Shell bid for a cargo at dated Brent plus 25 cents, loading Mar. 20-25
* Forties: Vitol offered a cargo CIF Rotterdam for Mar. 15-19 at dated Brent plus $2.40, equivalent to 89 cents FOB, according to Reuters calculations.
(Reporting by Rowena Edwards Editing by David Goodman )


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