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North Sea Crude-Forties rises after deal drought
September 17, 2012 / 4:47 PM / 5 years ago

North Sea Crude-Forties rises after deal drought

* Forties rises slightly
    * Swaps in backwardation

    LONDON, Sept 17 (Reuters) - North Sea Forties crude
differentials rose slightly on Monday following reports of
delays to exports and signs that companies are looking to shift
crude out of the region.
    Demand from Asia could provide support for Forties and North
Sea crude in October. Total and Shell were reported last week to
have fixed vessels for South Korea. But refinery maintenance may
depress European demand, analysts have said. 
    As well as a 10-cent rise in Forties differentials, there
were other signs of a slightly more bullish tone to the market.
The front of the swaps curve, which was flat on Friday, moved to
    * BP sold to Phibro an Oct. 3-5 Forties at dated Brent plus
5 cents, the first known deal in more than a week.
    * That was up slightly from the last Forties assessment
which was at dated Brent minus 5 cents.
    * At least three September Forties cargoes and two October
shipments have had their loading dates moved back by a few days,
following what traders said was below-forecast output. Details
of no new deferrals emerged on Monday.
    * The swaps curve moved into backwardation at the front,
from a flat structure on Friday: 
    24-28/9  Dec +96 
     1-5/10  Dec +81
     8-12/10 Dec +67 
    15-19/10 Dec +53
    22-26/10 Dec +37 
    29-02/11 Dec +20
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 (Reporting by Alex Lawler; Editing by William Hardy)

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