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

Finance

Direct Le Havre to Charleston LCL Import Service

CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service.    This is the only direct, weekly Le Havre to Charleston LCL service available in the market.

DryShips to Sell its Suezmax Tanker Fleet

DryShips Inc. (NASDAQ: DRYS), has announced  that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer,

India Halts Iran oil Imports Under U.S. Pressure

Oil imports from Iran at 220,000 bpd in year to March 31. U.S. pressured India not to raise annual Iran oil imports. India halted oil imports from Iran for the

Energy

United States Submits Formal Plan for Paris Climate Talks

The United States on Tuesday formally submitted its climate change strategy to the United Nations, outlining domestic measures it is taking to achieve up to a 28

India Halts Iran oil Imports Under U.S. Pressure

Oil imports from Iran at 220,000 bpd in year to March 31. U.S. pressured India not to raise annual Iran oil imports. India halted oil imports from Iran for the

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices.

News

United States Submits Formal Plan for Paris Climate Talks

The United States on Tuesday formally submitted its climate change strategy to the United Nations, outlining domestic measures it is taking to achieve up to a 28

Direct Le Havre to Charleston LCL Import Service

CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service.    This is the only direct, weekly Le Havre to Charleston LCL service available in the market.

DryShips to Sell its Suezmax Tanker Fleet

DryShips Inc. (NASDAQ: DRYS), has announced  that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1859 sec (5 req/sec)