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North Sea Crude-Flurry of Brent cargoes trade after diffs hit 2016 low

Reuters - UK Focus

LONDON, Oct (Shenzhen: 000069.SZ - news) 26 (Reuters) - Three cargoes of North Sea Brent traded on Wednesday as buyers finally stepped in after a drop in differentials to 2016 lows, due to ample supplies in the region.

* Underlining that prompt supply is abundant, the discount at which the first-month Brent futures contract is trading to the second month (LCOc1-LCOc2) steepened to $1.14, its widest since July including the last few days before a contract expiry.

* Adding to supplies, the Buzzard oilfield, the largest oilfield contributing to the Forties stream, is set to come back online by Wednesday after a month of planned maintenance, an industry source said.

WINDOW SUMMARY

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* Brent: Two cargoes traded on a dated Brent-related basis. Total (LSE: 524773.L - news) bought from Glencore (Xetra: A1JAGV - news) a cargo loading Nov. 15-17 at dated minus 65 cents. Total also bought from Shell (LSE: RDSB.L - news) a cargo loading Nov. 8-10 at dated Brent minus 75 cents.

The average of the two means Brent has firmed slightly from Tuesday's assessment of dated minus 73 cents. Earlier in October it stood at dated minus 75 cents, the lowest this year.

A third Brent cargo traded on an STS basis. Shell sold to Socar a Brent loading Nov. 22-24 ex-Alfa Britannia at January BFOE minus $2.35.

* Forties: Differentials were also up slightly from Tuesday's average. The lowest dated Brent-related offer was from Shell at dated minus 70 cents, while Gunvor bid at dated minus 75 cents. (Reporting by Alex Lawler, editing by David Evans)