North Sea Crude-Forties Firms on Buzzard Supply Cut

Posted by Eric Haun
Friday, April 25, 2014

North Sea Forties crude differentials rose on Friday, supported by the ongoing supply cut from Nexen's Buzzard field, which has delayed loading of a number of April and May cargos.

Nexen said this week that output from the Buzzard oilfield had been cut due to five days of planned maintenance and construction work.

The production dip has triggered a raft of loading delays, including two cross-month deferrals of cargoes.

Production from the Huntington field, also in the U.K. North Sea, has been stopped since April 12 because of work on its floating production and storage unit. A full restart is expected between April 30 and May 7.

The return of supplies from Libya has also been slow to emerge, despite a deal between Tripoli and rebels in the country's east earlier this month.

Despite this tighter supply picture, traders said the lack of arbitrage fixtures to Asia was likely to keep a lid on Forties differentials in coming weeks.

The VLCC BW Utah is still anchored offshore Hound Point but no fixtures have been sighted for the vessel. Jetty 1 will soon close for two months' maintenance, meaning VLCCs will not be able to load.

Forties
In the Platts price assessment window, Trafigura sold Statoil a cargo of Forties for loading May 13-15 at dated Brent plus 35 cents, traders said.

That was up from Statoil's bid of dated Brent plus 5 cents on Thursday for slightly earlier loading dates, which attracted no offers.

The last trade before that was on Wednesday at parity to dated Brent for May 8-10 loading.

(Reporting by David Sheppard, editing by David Evans)

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Chinese PM Inks 2 Agreements During CMA CGM Visit

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

Kenyan Port Workers Strike Over Higher Health Costs

More than 2,000 workers at East Africa's biggest port in Kenya's coastal city Mombasa went on strike on Wednesday protesting an increase in the amount they will

Energy

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

GTT Records Order for 2 LNG Tankers

GTT receives a new order from Hyundai Samho Heavy Industries for two LNGCs for Teekay   GTT, a designer of membrane containment systems for the maritime transportation

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

News

Lifting Specialists Modulift, IMES form Joint Venture

Lifting industry specialists Modulift and IMES have formed a joint venture to offer an integrated management service to clients internationally.   The two companies

The Hour of Power: Hybrid Marine Technology and Green Ports

In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power. Firstly the new emissions laws in ports,

Striking Ferry Workers to Ease Blockade of Calais Port

Striking ferry workers blocking access to Calais port in northern France agreed on Wednesday to let some boats through, partly lifting a blockade in its third day.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2067 sec (5 req/sec)