Saturday, 28 March 2015 01:34
LONDON: North Sea Forties crude price differentials firmed a little on Friday but remained in negative territory as loading programmes for May began to emerge, with a good deal of April barrels still unsold.
Oseberg will load six cargoes in May, unchanged from April, although daily loadings are slightly lower at 116,000 barrels per day, as May is a longer month.
Traders said some Norwegian programmes seemed to be emerging a little earlier than expected because of the upcoming Easter break.
The Forties programme will be issued on Wednesday next week, and Brent and Ekofisk are expected around that time.
Traders said there was still quite a bit of April crude available, both North Sea and West African grades. This reflects muted demand from refineries, which are in the midst of seasonal maintenance.
“We have got to contend with turnarounds again for May cargoes,” one trader added.
Trade unions Unite and the GMB said members working offshore in Britain’s oil and gas industry had shown overwhelming support for industrial action over proposed changes to their terms and conditions in a consultative ballot that closed on Friday.
Copyright Reuters, 2015
