Oil Slips Below $60
Oil slipped to below $60 a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.U.S. crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday. Saudi Arabia on Wednesday dampened hopes of production cuts by OPEC and its allies by saying it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.The outcome of next week's OPEC meeting "remains clouded by uncertainty"…
North Sea Forties Pipeline Ramps Up Again Slowly
Buzzard oilfield restarts, pumping below full rate-source; Forties has temporary flow restriction. Oil and natural gas flows along Britain's biggest and most important oil pipeline, Forties, were ramping up slowly on Thursday as the system restarts after its second unplanned outage in two months, industry sources said. The pipeline, whose oil underpins the Brent oil pricing benchmark, was shut on Wednesday, causing a brief spike in oil prices and raising concern about the reliability of ageing North Sea infrastructure.
North Sea Buzzard Oilfield Glitch Briefly Slows Production
Output at the North Sea's 180,000 barrel per day (bpd) Buzzard oilfield was slightly reduced over the weekend due to a glitch, an industry source familiar with the matter said. The source added that production had returned to normal. Industry monitor Genscape noted a decrease in flows through the Forties pipeline to below 400,000 bpd on Sunday. The pipeline usually carries around 450,000 bpd of Forties. Buzzard is the largest contributor to the Forties crude stream, one of the five grades used to set the global dated Brent benchmark.
Buzzard Oilfield Output Falls Slightly after Glitch
Production at the UK's North Sea Buzzard oilfield has fallen slightly after a technical glitch, three trading sources said on Thursday. One source said that output was down by about 20,000 barrels per day (bpd) as of Thursday morning, while another said the outage was up to 30,000 bpd. The field's operator Nexen did not immediately respond to a request for comment. Buzzard produces about 180,000 barrels per day (bpd) and is the largest contributor to the Forties crude oil stream, one of four grades of oil that underpin the dated Brent benchmark.
UK's Buzzard Oilfield Pumping More in 2016
Britain's North Sea Buzzard oilfield, which helps price global crude exports and in the past was beset by unplanned outages, has had a smooth year, industry sources said, boosting supply of crude that underpins the Brent benchmark. Unplanned shutdowns at the British field can boost Brent prices and lead to higher premiums of Brent futures for immediate delivery - leading to price volatility. Buzzard is operated by Nexen, a unit of Chinese state company CNOOC.
Oil Down 3 pct; China, Iran, Gasoline in Play
Brent crude down almost 3 pct; U.S. crude off 2 pct. Crude oil fell about 3 percent on Monday after a tumble in gasoline futures added pressure to a market already slumping on slower growth in China and signs that Iranian oil will return to market soon because of a nuclear deal likely to be implemented this year. A stronger dollar and softer equity markets on Wall Street added weight to the petroleum complex, traders said. "The products markets seem to be taking a hit over concerns the refinery maintenance season has peaked…
Oil Slips Below $50 as Chinese Demand Slows
Chinese GDP grows slowest since 2009 in Q3; Saudi crude exports fall in August. Oil prices fell on Monday on concerns about the pace of economic growth in China, the world's largest energy consumer, and signs that global oversupply is curbing Saudi crude exports. China's economy grew at the slowest pace in six years in the third quarter, according to official data released on Monday, making it more and more likely Beijing will cut interest rates to spur activity.
North Sea Buzzard Oilfield Shutdown Delayed
A planned shutdown of Britain's North Sea Buzzard oilfield is likely to be rescheduled to November from October, an industry source said, which would boost next month's supply of the crude that helps underpin the Brent benchmark. Buzzard's output is closely watched by traders as the field is the biggest contributor to the Forties oil stream, the largest of the four North Sea crudes used in the global Brent oil benchmark. The exact details of the rescheduling have yet to be confirmed, said the source, who gave no reason for the likely change of date.
Brent up, U.S. Crude Dips
Brent crude rose and U.S. futures dipped on Friday in choppy trading as expectations of increased exports from Iran capped prices and helped both contracts post their third consecutive weekly losses. Crude prices received support late in the session from Baker Hughes Inc data showing U.S. drillers cut seven rigs this week, after adding rigs the previous two weeks. "The rig count is a bullish element and might help keep U.S. crude above $50 and we might see some short covering rallies," said Dan Flynn, analyst at Price Futures Group in Chicago.
Oil Rises After UK North Sea Oilfield Outage
UK's biggest oilfield shut by power outage; U.S. crude inventories fall by 4.3 mln barrels. Oil prices rose on Thursday after a power outage closed the UK's largest oilfield, restricting flows to the North Sea's main oil stream that underpins the global benchmark Brent crude. Oil prices were also supported by data on Wednesday that showed a fall in U.S. crude inventories. Brent crude for August was up 55 cents at $57.60 a barrel by 1035 GMT. U.S. light crude, also known as West Texas Intermediate or WTI, was up 30 cents at $51.71.
Production Resumes at UK North Sea Buzzard Oilfield
Production has resumed at Britain's North Sea Buzzard oilfield, the field's operator said in a statement on Tuesday, the latest phase of the stuttering return of one of the key streams underpinning Brent oil futures. "Production has resumed following a brief outage yesterday night, Monday, September 8, and ramp-up will continue over the coming days," Calgary-based Nexen said. Nexen was bought by China's CNOOC last year. Since returning from summer maintenance in late August the 200…
Brent Oil Back Below $100
Brent crude oil prices fell back below $100 per barrel on Tuesday in volatile trade, down for a fourth day and under pressure from strong supplies. Prices were not far above a recent 16-month low as feared cuts to supply due to violence in the Middle East have failed to materialise. However, the potential for disruption to production in Iraq where a violent insurgency by Islamic State continues has helped prevent further weakness. Brent also had support as Britain's North Sea Buzzard oilfield was shut down again on Monday night…
Brent Pulls Away from 16-month Low
Brent crude rose towards $101 a barrel on Wednesday, pulling away from a 16-month low hit in the previous session, supported by encouraging U.S. manufacturing data. * U.S. day before on a stronger dollar and the prospect of slowing oil demand growth in China and Europe. U.S. manufacturing activity hit a nearly 3-1/2-year high last month and construction spending rebounded strongly in July, data showed, raising hopes of higher oil demand in the world's biggest consumer of the commodity.
Nexen Eyes North Sea Buzzard Restart
The operator of the North Sea Buzzard oilfield is looking at restarting the field later on Tuesday, trading sources said, potentially adding supply to a market already under pressure from a glut of crude in the Atlantic Basin. Three sources said Calgary-based Nexen was looking to bring production back online on Tuesday afternoon as it tries to ramp up output after summer maintenance, with a series of aborted restarts. Nexen was bought by China's state-backed CNOOC last year.
CNOOC"s Steady Development with Solid Performance in 1H 2014
CNOOC Limited today announced its interim results for the six months ended June 30, 2014. For the first half of the year, the Company's total net oil and gas production reached 211.6 million barrels of oil equivalent (BOE), up 6.8% year-on-year (yoy), with 36.3 million BOE contributed by Nexen. The Company's average realized oil price was US$106.30 per barrel in the first half of 2014, representing an increase of 2.0% yoy, while average realized gas price rose 13.5% yoy to US$6.44 per thousand cubic feet.
UK Buzzard Oilfield Resume Exports Thursday
The North Sea's Buzzard oilfield is due to resume exports on Thursday, industry sources said, after a shutdown earlier this week to carry out additional work. Buzzard is the biggest contributor to the Forties crude stream, the largest of the four North Sea crudes which underpin the Brent crude benchmark. "Export is due to start tomorrow," one of the sources said on Wednesday. A spokesman for Nexen, the field's operator, said he did not have a further update.
Brent Crude Nudges Near US$103
Brent crude nudged up towards $103 a barrel on Wednesday, recovering from a 14-month low hit last week although bountiful global supplies are checking gains. * U.S. Oil benchmarks on both sides of the Atlantic Basin have likely bottomed out after losing more than $10 since mid-June, analysts and traders said. Still, both Brent and West Texas Intermediate remain on track to post a second monthly fall against a backdrop of lower U.S. crude imports and slowing demand in China and Europe.
North Sea Buzzard Oilfield Shut Again
Output from Britain's Buzzard oilfield has been stopped again after restarting over the long weekend, its operator Nexen said on Tuesday, as the firm takes advantage of better weather in the North Sea to carry out additional planned maintenance. Buzzard is the biggest contributor to the Forties crude stream that is one of the four benchmark crudes underpinning the price of international Brent crude oil futures. It had restarted late on Monday - a public holiday in Britain - after being shut for maintenance since July.
North Sea Crude-June Supply May Be Tight
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…
North Sea Crude-Forties Firms on Buzzard Supply Cut
North Sea Forties crude differentials rose on Friday, supported by the ongoing supply cut from Nexen's Buzzard field, which has delayed loading of a number of April and May cargos. Nexen said this week that output from the Buzzard oilfield had been cut due to five days of planned maintenance and construction work. The production dip has triggered a raft of loading delays, including two cross-month deferrals of cargoes. Production from the Huntington field, also in the U.K.
