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North Sea Crude-Forties bid higher, deferrals mount

Wednesday, 3 Oct 2012 | 1:07 PM ET

* Forties bid up to dated plus 45 cents

* At least 12 October Forties cargoes delayed

* November loading programme due on Friday

LONDON, Oct 3 (Reuters) - North Sea Forties crude differentials rose for a third day this week on Wednesday, drawing support from firmer bids and a lack of offers, as well as mounting loading delays in October.

"The tighter October loading schedule has pushed the front-end of the Brent CFD curve into steep backwardation while Platts is assessing Forties at the highest premiums to the 10-25 day Brent strip since late August," said Eugene Lindell, senior crude market analyst at JBC Energy in Vienna.

FORTIES

* There were three bidders in the Platts window and no sellers. Total bid Oct. 20-24 Forties to dated plus 45 cents and

Morgan Stanley bid Oct. 23-26 to the same level.

Total also bid for a later, Oct 25-29 cargo at dated plus 40 cents and Trafigura was bidding the Oct. 21-24 period to dated plus 35 cents. Once again, no selling interest appeared.

* The higher bids were up 15 cents from Tuesday.

* The last known deal was done on Friday at dated minus 55 cents for the Oct. 10-12 date range.

LOADING DELAYS

* At least twelve of the 16 shipments of the North Sea crude loading in October have been delayed due to lower-than-expected output, according to trading sources who expected all October cargoes to be deferred eventually.

NOVEMBER PROGRAMMES

* Traders said the Forties programme for November was due out on Friday and schedules for the three other benchmark-setting crudes were expected to emerge around that time.

SWAPS

* Swaps were in backwardation, as follows:

8-12/10 Dec +102 15-19/10 Dec +81 22-26/10 Dec +62 29-02/11 Dec +43 5-9/11 Dec +26 12-16/11 Dec +8 DATABASE

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(Reporting by Alex Lawler; editing by Keiron Henderson)

((alex.lawler@thomsonreuters.com)(+44 207 542 4087)(Reuters Messaging: alex.lawler.reuters.com@reuters.net))

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NORTH SEA CRUDE OIL DIFFERENTIALS AND OUTRIGHT PRICES:

Dated BFO Brent Forties Oseberg Ekofisk Statfjord Flotta

Monthly North Sea crude loading programmes

North Sea Sullom Voe shipments

New North Sea oilfields UK North Sea oil output Norway oil output, monthly BFO Dated BFO weekly swaps Dated BFO front line swaps NYMEX crude IPE crude INSIGHT report OPEC North Sea crude oil oil products derivatives European products Latest IPE Latest NYMEX energy speed guide crude speed guide))

Keywords: MARKETS EUROPE CRUDE/