North Sea Forties crude differentials dipped lower on Friday after ExxonMobil and Shell struck a deal with each other, with both firms bidding and offering respectively in recent sessions.
PLATTS WINDOW
* Indications are free on board (FOB) unless marked as cost, insurance and freight (CIF) or delivered at place (DAP).
* There was one deal on Friday, a trade source said.
* Forties: ExxonMobil bought a cargo from Shell, with April 2-4 dates at dated Brent plus 25 cents.
* Forties: ExxonMobil bid again for later April 8-14 dates, at dated Brent plus 55 cents, while Shell offered April 14-16 dates at dated plus 50 cents.
* In the previous session, ExxonMobil had bid up to dated Brent plus 55 cents for an April 4-8 cargo, while Shell had offered April 2-4 at dated plus 25 cents.
* WTI Midland: Shell offered a cargo with April 20-24 dates at dated Brent plus $1.75 CIF Rotterdam.
* On Thursday, Shell had offered April 19-23 dates at dated Brent plus $1.90 CIF.
* Friday’s offer equated to around dated plus 89 cents on a FOB basis, Reuters calculations showed.
Source: Reuters