North Sea Crude-Forties strengthens in flurry of activity
(Add Forties deal)
LONDON, Aug 21 (Reuters) - The price of North Sea Forties crude strengthened for the first time above dated Brent in a week, in a flurry of activity on Monday, traders said.
A decline in storage levels on the back of persisting backwardation in Brent futures was seen as one of the reasons behind the grade's strength.
WINDOW SUMMARY
Forties: Glencore (Frankfurt: 8GC.F - news) bought a cargo from Vitol for Sept. 9-11 at dated Brent plus 25 cents, some 35 cents stronger than deals seen last week.
Shell (LSE: RDSB.L - news) withdrew a bid for a Sept. 1-3 cargo at dated Brent plus 20 cents. BP and Statoil (LSE: 0M2Z.L - news) were offering early September and mid-September cargoes at a premium of 35-40 cents. Litasco and Glencore were bidding for four different dates for Forties cargoes at dated Brent plus 20-25 cents.
Ekofisk: BP offered a Sept. 13-17 cargo at dated Brent plus 80 cents but found no buyers as it was seen as too strong.
Brent: Litasco bid for a mid-month cargo at dated Brent plus 25 cents and Glencore was bidding for an early month cargo at plus 20 cents and for a mid-month cargo at dated plus 25 cents.
(Reporting by Dmitry Zhdannikov; Editing by Jane Merriman and David Holmes)