U.S. WTI Midland crude differentials edged lower on Friday as BP bought a cargo from Trafigura at lower levels than where bids and offers had surfaced on Thursday.

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

WTI Midland: Trafigura sold BP a cargo loading on Nov. 24-28 at dated Brent plus $3.15 CIF Rotterdam.

The deal level is equal to about dated Brent plus $1.62 on an FOB basis, according to Reuters calculations.

On Thursday, Trafigura had bid Nov. 29-Dec. 3 CIF Rotterdam at dated Brent plus $3.25, as BP offered Nov. 23-27 at dated plus $3.20 CIF Rotterdam.

WTI Midland was still the lowest priced of the grades that make up the North Sea benchmark, according to Reuters calculations.

Forties: There were no bids or offers on Friday, a source said. On Thursday, Trafigura had bid for a Nov. 16-18 cargo at dated Brent plus $1.80.
Source: Reuters (Reporting by Robert Harvey)