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North Sea Crude-Forties weakens amid more sea storage offers

Reuters - UK Focus

LONDON, July 19 (Reuters) - * Forties crude oil differentials weakened on Tuesday from a one-month high as continued offers of cargoes from floating storage added to supplies.

* Total (LSE: 524773.L - news) offered for sale three Forties cargoes from the VLCC Orthis, which is anchored off the eastern English coast, without selling any of them. Such floating storage offers have become a more common feature of the market in recent months and tend to weigh on differentials, say traders.

* 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

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* Forties: Shell sold to Vitol a cargo loading on Aug. 1-3 at dated Brent minus 45 cents, down 25 cents from a trade on Monday.

* Total offered a cargo of Forties for loading Aug. 1-5 via STS at Scapa Flow from the Orthis at $1.25 below cash September BFOE, the same as an offer on Monday. This was the lowest priced of three cargoes the company offered.

* There was no other activity in the Platts window on other benchmark North Sea grades.

(Reporting by Alex Lawler; Editing by Susan Fenton)