NSea Crude-Forties weakens on ample supply

* Forties offered 10 cents weaker than deal on Monday

* BFOE loadings to total 1.33 mln bbl in Dec (1.36 mln Nov)

LONDON, Nov 10 (Reuters) - North Sea Forties differentials
weakened further on Tuesday as an overhang of November loading
cargoes competed with new December programmes.

A rise in outright crude futures prices and a further
weakening in refining margins also added pressure to Forties
differentials.

NORTH SEA LOADING PROGRAMMES

* Details of the December loading programme for North Sea
crude cargoes continued to emerge on Tuesday.

Crude oil supply from the four benchmark North Sea crude oil
streams is scheduled to average around 1.33 million barrels per
day (bpd) in December, down from 1.36 million bpd in November,
trade sources said on Tuesday. [ID:nLAE000069]

FORTIES FOT-E

* Within the afternoon trading window, Total offered a Nov
19-21 cargo at dated minus 40 cents, 10 cents weaker than a deal
on Monday when Nexen sold BP a cargo for loading Nov. 28-30 at
dated BFOE minus 30 cents.
* Shell offered its Nov. 20-22 cargo at dated minus 30
cents, while Nexen showed its Nov. 25-27 shipment at the same
level.

* No bids seen.

* The first December loading Forties cargo, due for Dec 1-3
loading with Shell has been kept by Vitol, traders said.

REFINING MARGINS <REF/MARGIN1>

* Complex refining margins for North Sea Brent in Rotterdam
were around $2.80 per barrel on Tuesday, down from an average of
the past five days of around $3.15, according to Reuters models.

NORWEGIAN GRADES

* Norwegian refiner StatoilHydro offered no cargoes on
Tuesday as it assessed the new loading programmes.

SWAPS

* Contracts for Differences (CFDs) were steady across the
curve and continuing to show backwardation for nearby physical
barrels (previous day in brackets) as follows:

16-20/11 Jan -103 (-110)

23-27/11 Jan -96 (-98)

30-04/12 Jan -83 (-84)

7-11/12 Jan -69 (-70)

14-18/12 Jan -55 (-56)

21-24/12 Jan -41 (-42)

ICE BRENT MARKER

* The ICE set its afternoon one-minute marker for December
Brent at $77.66, down from $77.95 per barrel on Monday.
(Reporting by Joe Brock; editing by Sue Thomas)