North Sea Crude - Lower as Middle East flows increase despite tensions

U.S. WTI Midland and North Sea crude differentials dropped further on Monday as the market continued to price in a return to normal Middle East supply despite tit-for-tat U.S. and Iranian attacks over recent days.

PLATTS WINDOW

Indications are free on board unless marked as cost, insurance and freight or delivered at place.

* Three cargoes traded.

• WTI Midland: Repsol bought a July 23-27 cargo CIF Rotterdam from ExxonMobil at dated Brent plus 80 cents a barrel. Separately, Moeve bought a July 29-August 2 cargo from BP at dated Brent plus 60 cents.

• The average of dated plus 70 cents was equal to roughly dated Brent minus 50 cents on an FOB basis according to Reuters calculations.

• Ekofisk: Total bought a July 25-27 cargo from Shell at dated Brent plus 90 cents a barrel.

• Forties: Unipec offered a July 12-14 cargo at dated Brent minus $1.35 a barrel.

• Brent: BP offered a July 15-17 Brent/Ninian cargo at dated Brent minus $1.25 a barrel.