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North Sea Crude-Surplus crude on ships weighs on Forties

Reuters - UK Focus

LONDON, Jan 24 (Reuters) - North Sea Forties crude differentials eased on Tuesday, falling in spite of large flows to Asia this month, as a persistent surplus of crude weighed on the market.

* Unipec offered three cargoes of February-loading Forties via ship-to-ship transfer at Scapa Flow below previously traded levels. Traders often perceive ship-to-ship offers as a sign of an oversupplied market.

* As many as 9 million barrels of a mixture of North Sea crudes were stored at sea in the run-up to the end of the year. Although this excess has dissipated, there are still at least 5 million barrels of North Sea crude aboard ships, along with 500,000 barrels of Angolan crude stored on a Panamax (IOB: 0QF1.IL - news) anchored off the east English coast.

* Four Very Large Crude Carriers of Forties are sailing to destinations in Asia so far this month, close to a record amount for a single month, according to shipping data and trade sources.

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* Enquest (Frankfurt: 3EQ.F - news) will take a 25-percent stake in BP's Magnus oil field in the North Sea, and will take over operatorship of the Sullom Voe oil terminal, Britain's largest.

WINDOW SUMMARY

BRENT/FORTIES

* BP sold Glencore (Frankfurt: 8GC.F - news) a cargo of Forties for loading Feb 14-Feb 16 at a discount of 10 cents to dated Brent.

* Unipec offered one cargo of Forties for Feb 6-12 via STS (Shanghai: 603322.SS - news) at Scapa Flow from the Aframax Thornbury at 15 cents below dated Brent, as well as a second for loading Feb 12-20 from the Primero at 5 cents below the dated price and a third for loading Feb 20-25 from the Alfa Britannia at parity.

* Trafigura bid for a cargo of Forties for loading Feb 3-13 at 10 cents below the dated price.

* Shell (LSE: RDSB.L - news) bid for a cargo of Brent for loading Feb 3-15 at a discount of 15 cents to the dated price.

* Total (LSE: 524773.L - news) bid for a cargo of Brent for loading Feb 13-15 at a discount of 20 cents to the dated benchmark.

OSEBERG/EKOFISK

* Trafigura bid for a cargo of Oseberg for Feb 21-23 at 45 cents above dated Brent.

* Shell bid for a cargo of Oseberg for loading Feb 10-26 at 50 cents above dated Brent.

* Mercuria offered Ekofisk for Feb 12-14 at 10 cents above dated Brent (Reporting by Amanda Cooper; Editing by Adrian Croft)