North Sea crude differentials for Forties fell after BP sold a cargo to Gunvor, making it the cheapest grade in the Brent basket, while WTI Midland also dipped on the back of Trafigura’s purchase of two cargoes from Phillips 66 and Equinor.

PLATTS WINDOW

Indications are on a free-on-board (FOB) basis unless marked as cost, insurance and freight (CIF) or delivered at place (DAP).

WTI Midland: Phillips 66 sold to Trafigura CIF Rotterdam at dated Brent plus $3.00 loading Dec. 5-9. On a FOB basis, this equates to around dated Brent plus $1.50, according to Reuters calculations

WTI Midland: Equinor sold to Trafigura CIF Rotterdam at dated Brent plus $3.00 loading Dec. 2-6.

WTI Midland last traded at dated Brent plus $3.15 CIF Rotterdam just over a week ago, or at around dated Brent plus $1.65 on an FOB basis, according to Reuters calculations.

Forties: BP sells to Gunvor at dated Brent plus $1.45 loading Dec. 10-12. This is the lowest the grade has been since late September, making it the cheapest grade in the Brent basket and setting the dated Brent calculation.

OUTSTANDING BIDS AND OFFERS

WTI Midland: Trafigura bid CIF Rotterdam at dated Brent plus $2.50 loading Nov. 25-29.
Source: Reuters (Reporting by Shadia Nasralla; Editing by Paul Simao)