Bids for Dated Brent crude hit 17-month high

Quantum Commodity Intelligence - Differential prices for the North Sea FOB crude grades of Forties in the Dated Brent assessment, which often sets the price as the cheapest of the five grades in the assessments hit a 17-month high Wednesday, sources told Quantum.

Overall supplies of Dated Brent crude grades will rise in August from July, although there will be a drop in Forties cargoes.

An FOB bid for 600,000 barrels of Forties was seen at $1.35/b above forward Dated Brent values.

There were also bids for Oseberg at $1.55/b and Ekofisk at $1.60/b above the forward values, and a bid for a cargo of Troll at $1.70/b above the forward curve.

The August loading program for Forties will comprise of eleven 600,000-barrel cargoes, or the equivalent of 212,700 bpd, and down from twelve cargoes in July, brokers told Quantum.

But there will also be 14 cargoes of Ekofisk in August, up from 12 in July, and three Brent cargoes, up from two in July.

Meanwhile, a cargo of the sour Russian crude Urals grade traded at $2.90/b below the Dated Brent assessment Wednesday.