North Sea Crude-Forties up on Lower May Supplies

MarineLink.com
Wednesday, April 09, 2014

North Sea Forties crude differentials rose on Wednesday as traders pointed to lower supplies in May, and rumours of possible shipments to South Korea.

The May loading programme is down 13 percent month-on-month, offering support to prices, especially as refineries start to return from spring maintenance.

BP sold Chevron a cargo of Forties for loading May 2-4 at dated Brent plus 5 cents, up from the last trade on Thursday at dated Brent minus 15 cents.

A bid from ENI for a late April loading was even higher, but failed to find any offers.

Traders are also eyeing a possible VLCC cargo to South Korea in late April, but many have expressed doubts it will sail.

Shipping fixtures on Monday showed the Phoenix Vanguard had been chosen by Shell for a shipment to South Korea, departing around April 24.

The ship is now just north of the Canary Islands off northwest Africa. Shell also nominated the Phoenix Vanguard for a similar shipment in March but this didn't go ahead.

Traders also said there was a rumour that a Suezmax to South Korea might be booked for May, when the VLCC jetty at Hound Point will be closed for maintenance.

Forties

BP sold a cargo of Forties for loading May 2-4 at dated Brent plus 5 cents in the Platts price assessment window.

ENI bid for Forties for loading April 25-30 at dated Brent plus 10 cents, but found no offers.

The last trade came on Thursday at dated minus 15 cents for April 17-19 Forties.


(Reporting by David Sheppard; Editing by David Evans)

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

Offshore

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

OSV Technology: Notable Designs & Deliveries

Though the market for Offshore Support Vessels (OSVs) is soft, advances in technology, fit and finish in  the sector is unrivaled in any other maritime niche over the past five years.

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Energy

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

Skangass Celebrates Topping Up

Nordic liquefied natural gas operator Skangass  has celebrated a topping out ceremony at its Pori LNG terminal. The company said it was making progress in the

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

News

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Offshore Energy

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Four Petrobras Platforms Halt Output Due to Oil Leak

Four Petrobras oil platforms off the northeast coast of Brazil have halted production after a leak of about 7,000 liters of oil was detected coming from a pipeline linking them,

Huat Retires as Non-Ex Dir. of ST Engineering

Singapore Technologies Engineering Ltd (ST Engineering) today announced the retirement of Mr Quek Poh Huat as non-executive Director of the Company at its Annual General Meeting on 23 April 2015.

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.2463 sec (4 req/sec)