North Sea Crude-Forties sags despite robust flows to Asia

LONDON, April 19 (Reuters) - North Sea crude differentials eased again on Wednesday, after Brent fell to its lowest level this year and Forties fell to a one-month low the previous day, against a backdrop of a spate of refinery closures for maintenance.

Trading sources cited strong refining margins in Europe thanks to the drop in differentials, but the end of the maintenance period in the region was leading to short-lived seasonal weakness.

According to Reuters flows data, at least four VLCCs, each carrying around 2 million barrels of Forties, have left for Asia this month alone.

The Trikwong Venture, which loaded in late February, left the North Sea in the first week in April. The Baltic Glory, controlled by Shell (LSE: RDSB.L - news) , the Tamagawa, chartered by Glencore (Frankfurt: 8GC.F - news) and the DHT Europe, controlled by Total (LSE: 524773.L - news) , have all left the region this month bound for either China or South Korea.

The Pantanassa, also booked by Glencore, is at Hound Point about to load, according to Reuters data.

A further two, the Desimi and the Gener8 Miltiades, are currently anchored at Southwold.

WINDOW SUMMARY

FORTIES/BRENT

* Vitol offered a cargo of Forties for loading May 7-9 at a discount of 55 cents to dated Brent.

* Shell offered a cargo of Forties for loading May 3-5 at a discount of 40 cents to dated Brent.

* Glencore offered one cargo of Brent for loading May 6-8 at a discount of 60 cents to the dated price and a second for loading May 9-11 at a discount of 25 cents.

* Total offered a cargo of Brent for loading May 1-3 at a discount of 70 cents to the dated price.

EKOFISK

* Glencore offered a cargo of loading May 7-9 at a discount of 5 cents to dated Brent.

* Shell offered a cargo for loading May 12-14 at a premium of 5 cents to dated Brent.

* Total offered a cargo of May 5-7 at a premium of 20 cents to the dated price. (Reporting by Amanda Cooper; Editing by Elaine Hardcastle)