North Sea Crude-June Supply May Be Tight

Posted by Eric Haun
Tuesday, May 06, 2014

North Sea crude premiums held strong on Tuesday, supported by solid demand from Shell, and traders said the market for June-loading cargos could remain strong due to tighter supply.

Loading programmes for North Sea crude in June have started to be issued this week and traders say summer maintenance work at oilfields and other infrastructure could tighten supplies.

"That could keep differentials supported," said one.

Output at the Buzzard oilfield appears to have recovered after a cutback last month, which trimmed supply of Forties and led to a spate of loading delays for cargoes in April and May.

The field was pumping at normal rate of around 200,000 barrels per day on Tuesday, an industry source said.

Forties
Shell bid for a Forties cargo loading on May 23-26 at dated Brent plus 90 cents, unchanged from a similar bid on Friday, and the highest differential since February according to Reuters data.

Eni offered a Forties loading on May 29-31 at dated plus $1.20, up 5 cents from its offer on Friday.

June Programs
A number of programs were circulating in the market on Tuesday, including:

DUC: Two cargoes will load in June. A trader thought the relatively low number of cargoes was due to maintenance.

Statfjord, Gullfaks: Four cargos of each grade will load in June.

Troll: Twelve cargos will load in June.

(Reporting by Alex Lawler; Editing by William Hardy)

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

Finance

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Energy

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

News

Arctic Cruise Ship Brings High-tech, Green Design

A new vessel has been designed as a luxury expedition cruise vessel for worldwide operation including Arctic and Antarctic regions for itineraries up to 21 days with 300 passengers aboard.

Hapag-Lloyd Adds 6,000 Reefer Containers

In order to profit from the growing reefer markets in South America and Asia, Hapag-Lloyd has ordered 6,000 cutting-edge reefer containers – more than ever before in the company’s history.

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

Offshore Energy

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

Russia’s Novatek Sells 10% Of Yamal LNG To Chinese Fund

Russia’s second-biggest gas producer Novatek is selling a 9.9 percent stake worth an estimated US$1.4 billion in its Yamal liquefied natural gas (LNG) project

Former CIA Spy Ship Becomes Victim of Oil Slump

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer,

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.6227 sec (2 req/sec)