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

Finance

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

News

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Termination of Seadrill Unit's and Rosneft Deal Extended

North Atlantic Drilling (NADL), a subsidiary of Seadrill, will delay the closing of a deal with Russia's Rosneft by two years and has agreed to renegotiate the terms of the agreement,

Taiwan's Yang Ming Marine to Add Bigger Vessels to its Fleet

Yang Ming Marine Transport Corporation, Taiwnanese global shipping and logistics services company,  will take delivery of 14 large-sized ships over the next two years,

Offshore Energy

Termination of Seadrill Unit's and Rosneft Deal Extended

North Atlantic Drilling (NADL), a subsidiary of Seadrill, will delay the closing of a deal with Russia's Rosneft by two years and has agreed to renegotiate the terms of the agreement,

Chevron Hires Norce Endeavour for Thailand Ops

Solstad Offshore ASA (SOFF) has fixed the 2011-built 18,000 dwt crane barge Norce Endeavour to Chevron for work in Thailand next year for around 200 days.   Solstad

PSV Launching Ceremony at Gondan

At high tide today at Gondan Shipyard in Figueras, the New PSV (TBN) for the Norwegian Ship-Owner, Simon Møkster Shipping, was launched. Different personalities

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics 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: 0.1563 sec (6 req/sec)