Yahoo Finance 
North Sea Crude-Forties slips as Brent premium over rival benchmarks grows
LONDON, Sept 25 (Reuters) - Forties crude differentials eased from recent highs on Monday after trading house Gunvor came to market with a spate of offers for October-loading cargoes, as Brent futures hit a premium over rival crude prices.
* Gunvor offered five cargoes of Forties for sale in the daily trading window, selling one to Glencore (Frankfurt: 8GC.F - news) , which already owns at least six cargoes of so-called BFOE crude for loading this month, according to trading sources and Reuters data.
* Forties neared 20-month highs last week, fuelled by expectations that more VLCCs than initially thought would take October-loading Forties to Asia, one trader said.
Brent is trading at a 25-month high of over $6.50 a barrel over U.S. crude futures, while against Dubai, it is trading at a premium of around $2.43 a barrel, its highest this year. (For a graphic and story, click on:)
In theory, a larger premium makes Brent-linked crudes less attractive for buyers in the United States or Asia, but the divergence does not seemed to have deterred consumers yet.
At least two VLCCs, the Daba and the Ingrid, are due to load Forties and sail to Asia, while Shell (LSE: RDSB.L - news) has tentatively booked the suezmax SCF Surgut to take Ekofisk to the United States. This will be the second time this year that the light, sweet grade will cross the Atlantic (Shanghai: 600558.SS - news) .
* The VLCC Arion loaded at Hound Point late last week, booked by Litasco, and is en route to China, along with the Gener8 Supreme, which set sail in the first week in September.
WINDOW SUMMARY
FORTIES
* Gunvor sold Glencore a cargo loading Oct (Shenzhen: 000069.SZ - news) 16-18 at a premium of $1.10 to dated Brent.
* Gunvor offered a cargo for loading Oct 12-14 either at a premium of $1.30 to cash BFOE or a premium of $1.05 to dated Brent.
* Gunvor offered another four cargoes of Forties at a premium of $1.40 to the cash BFOE price, loading Oct 16-18, Oct 22-24, Oct 20-22 and Oct 18-20.
* Petroineos bid for a cargo of Forties for loading Oct 11-15 at a premium of 80 cents to dated Brent.
* BP bid for a cargo for loading Oct 22-27 at a premium of 80 cents to the dated price.
* Petroineos bid for a cargo loading Oct 17-21 at a premium of 60 cents to dated Brent.
BRENT/OSEBERG/EKOFISK
* Glencore bid for a cargo of Brent for loading Oct 19-21 at a premium of $1.05 to the dated price.
* BP bid for a cargo of Brent for Oct 22-27 at a premium of 80 cents to the dated benchmark.
* Gunvor offered a cargo of Brent for loading Oct 19-21 at a premium of $1.40 to the cash BFOE price.
* Glencore bid for a cargo of Oseberg for loading Oct 15-21 at $1.50 above the dated Brent price. (Reporting by Amanda Cooper; Editing by Susan Fenton)
