Values for North Sea continued to retreat Thursday,amid concerns that the overhang of unsold April cargoes was building.Although demand picked up this week,traders said certain grades,including the offshore loaders Statfjord and Gullfaks,were starting to stick,while the absence of arbitrage out of the region was also taking its toll."The arb looked wide open a week ago but we haven't seen anything much fixed transatlantic and the later it goes,the less likely it is to happen(in April)," said one source,noting the logistics of VLCC loadings means that a vessel would have to be chartered several weeks in advance.
展开▼
