North Sea Crude-Forties bid higher, no offers emerge

* Forties bid up to dated plus 60 cents

* Deferrals and uncertainty afflict market

* November loading programme due on Friday

LONDON, Oct 4 (Reuters) - North Sea Forties crude differentials rose for a fourth day on Thursday due to large-scale disruption to October loadings, but no offers emerged as the market waited for the November loading programme, expected on Friday.

Most of the Forties loading programme for October has now been delayed with at least 12 of a total 16 cargoes pushed back, some into November. This is tightening the October market.

Traders expressed frustration about the disruption, especially with many refining customers scheduled to come back from seasonal maintenance in mid-October.

"We had enough oil for a long time through the refinery maintenance but slowly the window is creeping towards post-peak refinery maintenance, and the delays start to matter," said one trader. "Especially the uncertainty around it."

Another trader said that refiners couldn't be sure what sort of Forties they might get with the restart date for the sulphurous Buzzard field slipping to October 16 and multiple deferrals. "The problem is due to the changing quality of the grade," he said.

The same uncertainty affected transitional cargoes when Buzzard headed into maintenance. When the Buzzard field is contributing to Forties, it increases the sulphur content of the overall mix.


* Total, Morgan Stanley and Phibro were bidding for cargoes but there were no deals in the window as no offers emerged.

* Total was again targeting Oct. 20-24 Forties and Oct. 25-29, ending at dated plus 60 cents for the first and dated plus 50 cents for the second.

* Both these bids were up on Total's Wednesday bids for the same cargoes, which ended at dated plus 45 cents and dated plus 40 cents respectively.

* Morgan Stanley was bidding for an Oct. 23-26 cargo, getting up to dated plus 50 cents, higher than its bid on Wednesday for the same dates at dated plus 45 cents.

* Phibro also bid up to dated plus 45 cents for Oct. 23-29 Forties.

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


* The Forties programme for November is due out on Friday and schedules for the three other benchmark-setting crudes are also expected to emerge around that time.


* The swaps curve remained in backwardation, widening out slightly at the front end. Analysts at JBC Energy noted that the delays to October loadings had "given the prompt North Sea market considerable momentum and boosted backwardation in time spreads and CFDs".

8-12/10 Dec +140 15-19/10 Dec +114 22-26/10 Dec +90 29-02/11 Dec +67 5-9/11 Dec +44 12-16/11 Dec +21 DATABASE

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(Reporting by Claire Milhench; editing by Jason Neely)

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