North Sea crude: WTI slides on lower offers
USO•WTI Midland crude differentials in Europe fell sharply on Friday as Vitol and other sellers lowered offers; Vitol’s lowest offer was dated Brent plus $12.45 for November 18–22, down from a deal at plus $20.45 on Thursday.
1. Lower offers
WTI Midland crude differentials in Europe dropped sharply on Friday. Vitol, Shell and Total offered cargoes at lower levels, with Vitol’s lowest offer at dated Brent plus $12.45 for November 18–22 on a CIF Rotterdam basis, equivalent to about plus $7.90 on an FOB basis.
