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North Sea Crude-Forties falls to three-week low as supply pools

Reuters - UK Focus

LONDON, April 25 (Reuters) - * Forties differentials were offered at their lowest levels since early April on Monday, under pressure from an apparent excess of unwanted barrels in the region.

* Shipping data last week showed Shell (LSE: RDSB.L - news) fixed the VLCC Samco Sundarbans to sail to South Korea carrying Forties on May 2, potentially absorbing more than three Forties cargoes.

* But at least two VLCCs have loaded Forties in the last couple of weeks, along with four Aframaxes, and, as yet, have no destination, meaning some 7 million barrels of Forties are currently without a home.

* The contango in the swaps curve has reached its steepest in two weeks, after intense pressure on swap rates for prompt-loading cargoes.

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* Some 4 million barrels of Forties sailed to Asia in the same month last year, yet no VLCCs have made this trip so far this month, according to Reuters trade flows data.

* The Brent/Dubai swap spread (DUB-EFS-1M) is off last week's highs, but still close to its strongest since the start of the year, meaning North Sea barrels compete less effectively for Asian buyers.

* Overall, some 43 million barrels of the 12 North Sea crudes tracked by Reuters have loaded in the month to date, compared with 49 million at this point last year.

WINDOW SUMMARY

* Glencore (Xetra: A1JAGV - news) bid for a cargo of Forties for loading May 20-24 at a discount of 55 cents to dated Brent.

* ENI (LSE: 0N9S.L - news) offered a cargo of Forties for loading May 20-22 at a discount of 30 cents to dated Brent.

* Total (Euronext: FP.NX - news) withdrew an offer for a cargo of Forties for loading via STS at Scapa Flow from the Aframax Liteyny Prospect at a discount of 35 cents to the dated price on May 6-12.

* Shell withdrew an offer for a cargo of Forties for loading May 12-14 at 90 cents below dated Brent.

* No deals were concluded in the window, nor were any trades, bids or offers reported for any other grade. (Reporting by Amanda Cooper; Editing by Susan Thomas)