There will be no Forties loadings exported to South Korea in September as reported previously, said traders Wednesday.

A VLCC called the Front Commanche from the UK's Hound Point terminal was said by shipping sources to have been fixed by Chevron Monday. But North Sea crude traders denied it.

The fixture was more likely fuel oil fixed from another European port, traders added.

"Everyone thinks it's fuel oil...it can't be Forties crude as the cargoes aren't even available and Chevron hasn't bought them," said one trader.

"I'm as certain as I can be that Forties won't be moving to South Korea in September," said a second trader. "It is the wrong quality."

News agency Reuters wrote Tuesday that "in an indication of a return to normality after a long period of disruption, Chevron on Monday fixed a VLCC to load Forties from Scotland's Hound Point for export to South Korea."

Oil traders expect North Sea crude exports to South Korea to resume in October after jetty one at Hound Point was closed for maintenance in August-September, preventing the export flow.

A free trade agreement between the European Union and the Asian nation was passed last year, making the voyage cheaper.

The arbitrage movement has sometimes been blamed by traders for rising Dated Brent crude prices.

Source: Platts