North Sea Crude-Forties edges up, early April cargoes in demand

LONDON, March 20 (Reuters) - * Forties crude differentials rose on Monday, boosted by demand for cargoes loading in the first two weeks of April that has nudged the North Sea swaps curve into a modest backwardation.

* The contracts-for-difference curve is showing a degree of backwardation from the second week out as oil flows are expected to pick up and help mop up an overhang, traders said.

* There are over 8 million barrels currently being stored on three VLCCs and at least three aframaxes in the North Sea, according to Reuters calculations.

* Reuters Trade Flows data shows 151 million barrels of North Sea crude have been loaded on ships so far this year, compared with 137 million at this time last year.

* The largest percentage increase has come from the Grana stream, for which loadings have risen by 58 percent, followed by Oseberg, for which loadings have risen 41 percent.

* Gener8 Hercules is the first VLCC to leave for Asia this month. Three others loaded Forties but so far have not made the trip.

* China has taken nearly 20 million barrels of North Sea oil this year, compared with around 6 million barrels at this point last year. It took six months for China to import this much oil in 2016, according to Reuters flows data.

* The Trikwong Venture is at Scapa Flow, ready for ship-to-ship transfers. Trading house Vitol has been offering cargoes from the vessel for loading in early April, as well as from the Desimi.

* The DHT Europe is currently in the English Channel, and scheduled to load Forties later this week, one shipping source said.

WINDOW SUMMARY

FORTIES

* Vitol sold Unipec a cargo of Forties loading April 2-4 at a discount of 35 cents to dated Brent.

* Unipec bid for a cargo of Forties for loading April 3-April 10 at a 15-cent discount to dated Brent.

* Petroineos bid for a cargo of Forties for loading April 6-11 at 15 cents below dated Brent.

* Glencore (Frankfurt: 8GC.F - news) bid for a cargo for loading April 10-20 10 cents below dated Brent.

* Gunvor offered a cargo of Forties for loading April 8-10 at a 5-cent premium to dated Brent.

* BP offered a cargo for loading via STS Scapa Flow April 1-7 at 5 cents above the dated Brent price from the aframax British Kestrel

* Vitol withdrew one offer for a cargo via STS (Shanghai: 603322.SS - news) at Scapa Flow April 5-10 at parity with dated Brent from the VLCC Trikwong Venture and withdrew a second offer for an STS cargo on the same dates and at the same price from the Desimi.

BRENT

* Statoil (LSE: 0M2Z.L - news) offered a cargo of Brent for loading April 4-6 at a discount of 35 cents to the dated price.

* Glencore bid for a cargo of Brent at 45 cents below the dated benchmark for loading April 10-12.

EKOFISK

* Vitol withdrew an offer for Ekofisk for loading April 3-5 at a discount of 10 cents to dated Brent.

* Shell (LSE: RDSB.L - news) bid for a cargo of Ekofisk for loading April 5-10 at 20 cents below the dated Brent price.

* Glencore bid for a cargo of Ekofisk for loading April 5-10 at 15 cents below the dated Brent benchmark.

* BP offered a cargo of Ekofisk for loading STS at Scapa Flow April 1-7 from the British Robin at a discount of 15 cents to dated Brent. (Reporting by Amanda Cooper; Editing by Susan Fenton)