North Sea Crude-Forties eases further; ICE contango in focus

LONDON, Oct (Shenzhen: 000069.SZ - news) 25 (Reuters) - Forties crude differentials fell to a new two-week low on Tuesday, under pressure from rising production levels and slow demand from Asia, while the Brent futures curve steepened against a backdrop of continuing oversupply.

* The contango between the first- and second-month ICE Brent futures contracts (LCOc1-LCOc2) increased to $1.01, its widest since June last year, not including expiry days, pushed out in part by the expected pickup in Forties supply.

* The Buzzard oilfield, the largest contributing oilfield to the Forties stream with output of 180,000 bpd, is set to come back online on Tuesday or Wednesday after a month of planned maintenance work, an industry source said.

* The VLCC Tianjin, which has been chartered by Vitol, has arrived at Hound Point to load Forties, according to Reuters ship-tracking.

* Only one vessel has loaded at Hound Point so far this month, due partly to the planned shutdown at Buzzard.

WINDOW SUMMARY

* Gunvor bid for a cargo of Forties for loading Nov 21-26 at a discount of 75 cents to dated Brent.

* Statoil (LSE: 0M2Z.L - news) offered a cargo of Forties for loading Nov 19-21 at a discount of 60 cents to dated Brent.

* Shell (LSE: RDSB.L - news) offered a cargo of Forties for loading Nov 8-10 at a discount of 75 cents to dated Brent.

* Glencore (Xetra: A1JAGV - news) offered a cargo of Forties for loading Nov 13-15 at a discount of 55 cents to dated Brent.

* Shell offered an STS cargo of Forties from the Calida for loading Nov 12-16 at a discount of $2.55 to the cash Jan BFOE price and a second cargo for loading from the same vessel Nov 17-24 at a discount of $2.35.

* Shell offered a cargo of Brent for loading Nov 8-10 at a discount of 75 cents to the dated price.

* Glencore offered a cargo of Brent at a discount of 70 cents to the dated price for loading Nov 14-16.

* Shell offered a cargo of Brent for loading via STS from the Alfa Britannia at Scapa Flow Nov 13-20 at a discount of $2.45 to the cash Jan BFOE price.

* Petroineos offered a cargo of Brent for loading via STS at Scapa Flow Nov 9-15 from the Stena Artica at a discount of 30 cents to the dated benchmark price. (Reporting by Amanda Cooper; Editing by Jane Merriman)