North Sea Crude-Brent rises to highest since mid-Oct
LONDON, Nov 28 (Reuters) – North Sea crude oil differentials edged higher on Monday, led by gains in Brent, which changed hands at its strongest in over a month after brisk trade in the daily trading window. * The loading programmes for January are due out later this week. The December BFOE programme was one of the largest so far this year, adding to the weakness in North Sea differentials that has persisted through the last month.
* An overhang of crude stored on ships has contributed to the underlying weakness. Reuters data shows at least six aframaxes, each capable of holding some 750,000 barrels of oil, and two suezmaxes, able to hold around 1 million barrels. WINDOW SUMMARY
* BP sold Total a cargo of Ekofisk for loading Dec.
18-20 at a discount of 15 cents to dated Brent. * BP sold Shell a cargo of Brent for loading Dec.
20-22 at 60 cents below the dated benchmark price. * Total bid for a cargo of Brent for loading Dec.
15-19 at 55 cents below the dated price. * Gunvor bid for a cargo of Brent for loading Dec.
25-30 at a discount of 60 cents to the dated price. * Vitol sold Total a cargo of Forties for loading Dec.
16-18 at a discount of 55 cents to dated Brent. * BP withdrew an offer for one cargo of Forties for loading Dec 19-21 at 40 cents below dated Brent and for a second at 40 cents below dated Brent for loading Dec.
16-18. (Reporting by Amanda Cooper; Editing by David Evans) (c) Copyright Thomson Reuters 2016.