Forties aftershock ripples through North Sea oil markets

14 Dec 2017   United Kingdom

Several oil cargoes may be deferred to January as the threat of force majeure hangs over the market after a crack shut down the Forties supply pipeline, trading sources said Wednesday. Several cargo deferrals likely, say traders Still no clarity on force majeure Prompt demand for medium sour crudes could rise Ineos says it is still considering number of repair options The key 600,000 b/d artery, which transports one of the key blends that make up the Dated Brent pricing benchmark, is likely to remain shut. Pipeline operator Ineos said it’s considering a number of repair options. In response, crude buyers have started to look elsewhere for alternative medium-sour blends. With not many prompt oil barrels available, a scramble for cargoes has begun, said trading sources. The shutdown pushed the physical Dated Brent benchmark to a two-and-a-half-year high of 65.165/b on Monday but prices have backtracked since then as […]

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