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OIL: Forties API Getting Lighter Amid Buzzard Halt Since Late May

OIL
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Production has been halted at the Buzzard field in the North Sea since late May and the duration of the stoppage still remains unclear, according to Bloomberg.

  • The halt is unrelated to the planned work for August set to take 14 days.
  • Buzzard is the biggest oil field feeding North Sea Forties crude.
  • Buzzard’s share of Forties dropped to 2% in the week to May 26, and zero the following week compared to the normal of around 22, according to Ineos.
  • There is currently muted demand for the grade, especially from China, with six out of eight cargoes for May loading still waiting on tankers.
  • A current small supply glut could be eased as Forties cargoes for June now face several days of delay, sources suggested.
  • Forties is getting lighter due to the missing feed with its API rising 3 degrees to 43.2-to-44 degrees, according to Ineos. The change is not ideal for the production of more jet fuel or diesel from refineries.

 

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Production has been halted at the Buzzard field in the North Sea since late May and the duration of the stoppage still remains unclear, according to Bloomberg.

  • The halt is unrelated to the planned work for August set to take 14 days.
  • Buzzard is the biggest oil field feeding North Sea Forties crude.
  • Buzzard’s share of Forties dropped to 2% in the week to May 26, and zero the following week compared to the normal of around 22, according to Ineos.
  • There is currently muted demand for the grade, especially from China, with six out of eight cargoes for May loading still waiting on tankers.
  • A current small supply glut could be eased as Forties cargoes for June now face several days of delay, sources suggested.
  • Forties is getting lighter due to the missing feed with its API rising 3 degrees to 43.2-to-44 degrees, according to Ineos. The change is not ideal for the production of more jet fuel or diesel from refineries.

 

Keep reading...Show less