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North Sea Crude-Prompt Forties weak but November cargo bid up

Reuters - UK Focus

LONDON, Oct (Shenzhen: 000069.SZ - news) 7 (Reuters) - * Forties differentials remained under pressure on Friday for prompt-loading cargoes, although stronger demand supported the value of November barrels.

* A surplus of North Sea crude in floating storage plus ample supply of competing crudes such as Russian Urals has put pressure on Forties this week.

WINDOW SUMMARY

* Forties: Shell (LSE: RDSB.L - news) offered a cargo loading on Oct. 19-21 at dated Brent minus 85 cents, the same as a deal done on Wednesday and a two-month low.

But Trafigura bid for a Nov. 7-9 cargo at dated Brent minus 50 cents and Shell again offered barrels on a ship-to-ship transfer basis from the Calida at dated minus 55 cents. These valued the grade at dated minus 65 cents on average.

* Ekofisk: Statoil (LSE: 0M2Z.L - news) offered an Oct. 25-27 cargo at dated Brent minus 5 cents, slighly down from the last assessment of dated minus 8 cents. (Reporting by Alex Lawler; Editing by Alexander Smith)