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OIL
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.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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