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North Sea Crude-Forties diffs edge off three-week lows

Reuters - UK Focus

LONDON, Jan 12 (Reuters) - North Sea crude differentials rose on Thursday, led by Forties, which recovered from this week's three-week lows after a flurry of stronger bids.

* Ekofisk diffs edged higher but remained in negative territory.

* Over the last two and a quarter years, since OPEC began its strategy of allowing prices to fall to curb higher-cost supply, Ekofisk has traded at a discount to dated Brent more frequently than at any time in the previous 10 years.

* Between October 2004 and January 2007, Ekofisk diffs traded at a discount to the dated price 57 percent of the time, compared with no such discounts from early 2007 to late 2014.

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* Since November 2014, Ekofisk diffs have traded at a discount 30 percent of the time.

* There have been no new VLCC fixtures to take Forties to Asia this week, although at least three are scheduled to make the trip, or are en route, so far this month.

* The suezmax Aegean Angel, which took on Ekofisk at Teesport in late December, is scheduled to take on crude via STS (Shanghai: 603322.SS - news) from the VLCC Athina, which loaded Forties late last week, shipping sources said. Reuters ship-tracking data shows both vessels are anchored off Southwold, on the English coast.

WINDOW SUMMARY

FORTIES/BRENT

* Shell (LSE: RDSB.L - news) bid for one cargo of Forties for loading Feb. 7-9 at a discount of 15 cents to dated Brent and for a second loading Feb. 2-5 at the same price.

* BP offered Forties for loading Jan. 26-28 at a discount of 15 cents to the dated price.

* Vitol once again offered a cargo of Forties from the New (KOSDAQ: 160550.KQ - news) Success for loading via STS at Scapa Flow from Jan. 24-26 at parity with dated Brent.

* Shell bid for Forties for loading Jan. 26-30 at a discount of 25 cents to dated Brent.

* BP withdrew an offer for a cargo of Forties for loading Jan. 27-29 at parity with dated Brent.

* Statoil (LSE: 0M2Z.L - news) offered a cargo of Brent for loading Feb. 4-6 at parity with the dated price.

* Unipec offered a cargo of Brent for loading Jan. 26-28 at a discount of 10 cents to the dated price.

EKOFISK/OSEBERG

* BP offered a cargo of Oseberg for loading Feb. 1-3 at a premium of 65 cents to dated Brent.

* Total (LSE: 524773.L - news) offered a cargo of Ekofisk for loading Jan. 28-30 at a discount of 5 cents to dated Brent. (Reporting by Amanda Cooper; Editing by Ruth Pitchford)