1343 GMT [Dow Jones] Brent crude’s strength could be undone by Hetco’s recent hoarding of North Sea Forties and Brent cargos for February loading, says Torbjorn Kjus at DnB NOR. With the contango for March-April Brent not wide enough to support offshore storage, the oil company will be forced to release the cargos at a time when the maintenance season in Europe kicks off and crude demand ebbs. “The barrels will be released in February when refineries are in maintenance and that will pressure Brent prices,” pushing them away from their $100/bbl target, he adds. ICE Feb Brent down 51c at $97.65/bbl. Nymex Feb crude down 52c at $90.34/bbl.
