North Sea Crude-Forties supported by Nigeria outages, Shell books VLCC
LONDON, July 18 (Reuters) -
* Forties crude oil differentials held steady at one-month highs on Monday, supported by lower supply from competing markets that traders said was helping to clear a persistent overhang of unwanted barrels.
* Disruption to supply from Nigeria, which competes with North Sea oil for buyers in northwest Europe, has helped support the market, pushing Forties differentials to their highest since early June.
* Traders said a failed coup in Turkey that temporarily halted traffic through the Bosphorus Strait could have further underpinned the market because of the restricted availability of crude, but the interruption was short-lived.
* More than 3 percent of global oil supply, mainly from Russia and the Caspian Sea, passes through the 17-mile waterway that connects the Black Sea to the Mediterranean.
* One trader said the smaller August-loading programme for CPC blend, released last week, had added an additional note of strength to the market.
* Last week, Total (LSE: 524773.L - news) offered Forties from the VLCC Orthis, which is anchored off Southwold on the eastern English coast, and was said to have taken on crude via ship-to-ship transfer from the Maran Thetis, on which Total has stored Forties for months.
* Reuters shipping lists showed Shell (LSE: RDSB.L - news) has booked the VLCC VK Eddie to load Forties at Hound Point in mid-August.
WINDOW SUMMARY
FORTIES
* Shell sold BP a cargo of Forties for loading Aug 15-17 at 20 cents below the dated Brent price.
* Vitol bid for a cargo of Forties for loading Aug 2-4 at a 15 cent discount to dated Brent.
* Total offered a cargo of Forties for loading Aug 1-5 via STS at Scapa Flow from the VLCC Orthis at $1.25 below the cash September BFOE price. Total offered two further STS cargoes of Forties from the same vessel, the first for loading Aug 6-10 at $1.20 below the cash September BFOE price and the second for loading Aug 11-15 at a discount of $1.50 to the cash BFOE rate.
* Total's most recent offer for loadings of Forties via STS from the Orthis was a discount of $1.00 to cash BFOE.
BRENT
* BP bid for a cargo of Brent for loading Aug 4-6 at 5 cents below the dated benchmark price. (Reporting by Amanda Cooper; editing by David Clarke)