LONDON, Oct 8 (Reuters) - North Sea Forties crudedifferentials weakened a notch on Monday but still stayed nearthe strongest since late August after fresh loading programmesshowed a constrained volume picture last week.
The programmes showed that four benchmark North Sea crudeoil streams - Brent, Forties, Oseberg and Ekofisk - are set topump around 780,000 barrels per day (bpd) in November, down from871,000 initially scheduled for October.
But it also showed that at least four cargoes have beendeferred into November from the October programme as almost theentire October schedule has been deferred due tolower-than-expected production.
The deferral should be able to slightly compensate for lowerForties November loadings, and easing fears were on Mondayvisible in the easing backwardation of the entire swaps curve.
FORTIES
In the Platts window, Trafigura sold an Oct 22-24 Fortiescargo to BP at dated Brent plus 55 cents, some 10 cents weakerthan price estimates last week.
Morgan Stanley bids for an Oct 23-Nov 1 Forties at datedplus 45 cents and Shell offered an Oct 22-24 Forties at datedplus 80 cents.
Differentials strengthened last week to their highest sincelate August due to large-scale disruptions to October loadings.
SWAPS* The swaps curve remained in backwardation, but narrowingalong the entire curve.15-19/10 Dec +9522-26/10 Dec +7529-02/11 Dec +555-9/11 Dec +3512-16/11 Dec +1519-23/11 Dec -3DATABASE
For a database of oil supply and demand fundamentalsupstream and downstream, Reuters subscribers can click on
(Reporting by Dmitry Zhdannikov,; editing by William Hardy)
((claire.milhench@thomsonreuters.com)(+44)(0)(207 5423571)(Reuters Messaging:claire.milhench.thomsonreuters.com@reuters.net))
((Xtra clients: Click on
to see Top News pages in multimedia Web format)
NORTH SEA CRUDE OIL DIFFERENTIALS AND OUTRIGHT PRICES:
Dated BFOBrentFortiesOsebergEkofiskStatfjordFlotta
Monthly North Sea crude loading programmes
North Sea Sullom Voe shipments
New North Sea oilfieldsUK North Sea oil outputNorway oil output, monthlyBFODated BFO weekly swapsDated BFO front line swapsNYMEX crudeIPE crudeINSIGHT reportOPECNorth Seacrude oiloil productsderivativesEuropean productsLatest IPELatest NYMEXenergy speed guidecrude speed guide))
Keywords: MARKETS EUROPE CRUDE/