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Monday, January 17, 2022

North Sea Crude: Forties weak, Trafigura buys third cargo

North Sea Crude: Forties weak, Trafigura buys third cargoLONDON: North Sea Forties crude price differentials remained under pressure on Tuesday reflecting weak European refining demand and ample supplies for April.

Trafigura bought its third Forties cargo of the week in the afternoon price assessment window. All three are for early April loading.

It was unclear whether Trafigura was planning another VLCC fixture to South Korea. One trader suggested it could be filling the GS Caltex shipment, which was first mooted back in February. This has yet to find a vessel.

Either way, the buying failed to lift Forties differentials. European refinery demand is weaker than usual with several large plants in the middle of spring maintenance, including Pernis in Rotterdam and Grangemouth in Scotland.

Petrogal has fixed the Aframax Eagle Anaheim to take 80,000 tonnes of Ekofisk from Teesport to Sines in Portugal, loading on March 23, shipping fixtures showed.

An investigation into the extent of any damage caused to the Forties Echo platform is continuing following Monday’s accident in which it was struck by a supply vessel.

Copyright Reuters, 2015

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