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North Sea Crude-Forties jumps on higher bids, no sellers

Reuters - UK Focus

LONDON, May 12 (Reuters) - * Forties crude price differentials jumped on Thursday, following upward moves in other North Sea grades the previous day, as four buyers sought cargoes but no sellers stepped forward.

* Production outages in Nigeria, whose crude is priced against Brent, could lend support to North Sea grades.

* Glencore (Xetra: A1JAGV - news) is holding more than a third of the 37 cargoes of Brent, Forties, Oseberg and Ekofisk loading in June and is expected to acquire more, trade sources said.

WINDOW SUMMARY

* There were four bids for Forties. The highest were from Petroineos, Chevron (Euronext: CHTEX.NX - news) and Mercuria, which were looking to pay dated Brent parity for cargoes loading in the first half of June.

* Forties was valued at dated Brent minus 35 cents on Wednesday. (Reporting by Alex Lawler, editing by William Hardy)