North Sea Crude-Brent changes hands at lowest since mid-2015

LONDON, April 20 (Reuters) - North Sea crude differentials fell on Thursday, with Brent particularly under pressure from a raft of barrels on offer at the lowest levels in nearly two years.

Brent changed hands at its weakest since mid-2015, after Total (LSE: 524773.L - news) sold Glencore (Frankfurt: 8GC.F - news) a cargo for loading in early May at a discount of $1.00 a barrel to the dated benchmark.

According to trading sources and Reuters calculations based on monthly loading schedules, Glencore holds more May-loading BFOE (Brent, Forties, Oseberg and Ekofisk) cargoes than any other North Sea trader at present.

Forties has struggled to rise, even though demand for this grade has been strong this month.

According to Reuters flows data, at least four VLCCs, each carrying around 2 million barrels of Forties, have left for Asia this month alone. A fifth, the Pantanassa, is currently loading at Hound Point.

A further two VLCCs are currently anchored at Southwold, the Desimi and the Gener8 Miltiades, both of which were reportedly likely to offload their cargoes via ship-to-ship transfer, according to industry sources.

Part of the weakness in Atlantic Basin differentials is stemming from seasonally low demand because of refinery turnarounds.

Some 1.5 million barrels per day of refining capacity are likely to be offline for maintenance around Europe, the Mediterranean and Russia next month, according to one trading source, who said they expect this gap to narrow to roughly a quarter by June.

WINDOW SUMMARY

EKOFISK/OSEBERG

* Glencore sold Vitol a cargo of Ekofisk for loading May 7-9 at a discount of 10 cents to dated Brent.

* Shell (LSE: RDSB.L - news) sold Vitol a cargo of Ekofisk for loading May 12-14 at a discount of 10 cents to the dated price.

* Glencore sold Total a cargo of Oseberg for loading May 3-5 at a premium of 60 cents to dated Brent.

FORTIES/BRENT

* Total sold Glencore a cargo of Brent for loading May 2-4 at a discount of $1.00 to the dated benchmark.

* Glencore offered a cargo of Brent for loading May 9-11 at a discount of 50 cents to the dated price.

* Total offered a cargo of Brent for loading May 16-18 at a discount of 45 cents to the dated price.

* Glencore offered a cargo of Brent for loading May 6-8 at a discount of 80 cents to the dated price.

* Shell offered a cargo of Forties for loading May 3-5 at a discount of 40 cents to dated Brent. (Reporting by Amanda Cooper; Editing by Adrian Croft)