As oil prices fall to new multi-year lows on a global glut, the structure of the niche but crucial benchmark Brent market has shown counter-intuitive signs of tighter supplies and strengthening. The reason, according to some in the market, was an unusual accumulation of British Forties crude oil cargoes by Royal Dutch Shell, and the expected shipment of many of these out of Europe to South Korea and China. Shell may have bought more than half of the Forties cargoes loading in January, according to estimates from North Sea crude traders. Price differentials for Forties, which is the largest of the four North Sea crudes that underpins the dated Brent physical benchmark, rose. “I think it has to do with Shell’s position,” said a North Sea […]