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North Sea Crude-Forties offered higher, competing supply lower

Reuters - UK Focus

LONDON, May 27 (Reuters) - * An offer on Forties was higher on Friday than was seen available earlier in the week, supported by lower supply from competing light, sweet West African grades due to a series of outages in Nigeria.

* Traders said that slower demand from French refineries helped to prevent further strength, and market activity was very slow.

* However strong gasoline and diesel refining margins helped support demand from refiners not affected by the strikes.

* Oseberg was offered for a second day at the same differential.

WINDOW SUMMARY

* Glencore (Xetra: A1JAGV - news) offered an Oseberg cargo for loading June 14-16 at dated Brent plus $1.25, exactly in line with the offer the previous day. That makes it equal to dated plus 34 cents when applying the June quality premium of 91 cents.

* Unipec offered a cargo of Forties at dated Brent plus 40 cents. On Thursday it was assessed at Brent plus 5 cents, having weakened on Monday in response to offers of crude from floating storage. (Reporting by Simon Falush; editing by Adrian Croft)