North Sea Crude-WTI Midland, Forties firm slightly

North Sea Forties crude differentials edged higher on fresh trade on Wednesday afternoon, while U.S. WTI Midland prices ticked higher.

PLATTS WINDOW

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

* Forties: Shell bought a May 27-31 cargo from Total at dated Brent plus 5 cents CIF Rotterdam.

* The deal equated to around dated minus $1.13 on an FOB basis, according to Reuters calculations.

* Forties: Glencore bid for a May 29 - June 7 cargo at dated plus 40 cents CIF Rotterdam, equivalent to dated minus 78 cents on a FOB basis according to Reuters calculations.

* On Tuesday, Total had offered a May 26-30 cargo at dated minus 35 cents CIF Rotterdam without finding a buyer, or around dated minus $1.53 FOB, according to Reuters calculations.

* Forties remained the cheapest grade underpinning the dated Brent benchmark on Wednesday, and therefore set the price.

* WTI Midland: Petroineos bid for June 10-14 at dated plus 64 cents CIF Rotterdam.

* WTI Midland: Total offered June 1-5 at dated plus 55 cents CIF Rotterdam.

* The midpoint of the inverted bid and offer levels was around dated minus 49 cents on a FOB basis, according to Reuters calculations.

* On Monday, Mercuria had bought a May 30 to June 3 cargo from Total flat with dated Brent CIF Rotterdam, equal to dated Brent minus $1.06 FOB, according to Reuters calculations.

* Johan Sverdrup: BP bid for June 1-10 dates at dated plus 60 cents FOB Mongstad.

* On Tuesday, Equinor had sold a June 14-16 cargo to BP at dated plus 70 cents FOB Mongstad.

* Johan Sverdrup is not one of the grades that underpins the dated Brent benchmark.