International crude:Aggressive offers kick down Forties

摘要

The Forties differential dropped over 50 cents/barrel Tuesday,as sellers offered cargoes aggressively on a background of weaker differentials across the North Sea complex.There were two Forties cargoes offered in the Platts Market on Close assessment process.Total offered an April 2-4 stem down to Dated Brent minus 25 cents,while BP showed an April 5-7 stem at Dated Brent minus 20 cents.Shortly before the close of the MOC process,Statoil lifted BP's offer at Dated Brent minus 20 cents,while Total's cargo saw no takers.A source indicated Statoil would take the cargo into its own system.When normalized to mid-window,the indications reflected a differential versus forward Dated BFO of minus 25 cents,a drop of 54 cents on the day.