Ineos to Upgrade Forties Pipeline
Billionaire Jim Ratcliffe's petrochemicals company Ineos said on Wednesday it would spend 1 billion pounds ($1.33 billion) on UK energy assets, including the Forties pipeline, which carries almost half of Britain's oil and gas from the North Sea.Ineos said it would invest 500 million pounds on overhauling its ageing Forties pipeline, which has been in service since 1975 and can carry up to 600,000 barrels per day (bpd) of oil.Founder and chairman Ratcliffe, Britain's richest man, said the…
Oil Dives on Fears of Glut, Global Economic Slowdown
Oil prices tumbled on Tuesday after reports of swelling inventories and forecasts that record U.S. and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect.U.S. crude oil fell $2.78, or 5.5 percent to trade at $47.10 a barrel by 11:44 a.m. EST (1644 GMT). The session low was $46.97, its weakest since September 2017.Global benchmark Brent lost $2.54, or 4.2 percent to trade at $57.07 a barrel. During the session, Brent hit a 14-month low of $56.86.World stock markets inched higher as investors looked ahead to whether the U.S.
North Sea Forties Crude Sailings Resume
Loadings of Forties crude at Hound Point terminal in Scotland have resumed, a spokesman for Ineos, operator of the Forties pipeline, said on Friday. "At the moment, sailings from Hound Point have re-commenced," spokesman Richard Longden said, adding that a vessel had sailed on Thursday. Ineos had said on Thursday that loading was temporarily postponed due to adverse weather conditions. Forties is one of five North Sea crudes which underpin the Brent benchmark. Reporting by Alex Lawler
Oil Dips Below $65 as U.S. Output Soars
Brent falls to 2018 low before recovering some losses. Oil prices fell to their lowest in six weeks on Thursday after data showed U.S. crude output had reached record highs and the North Sea's largest crude pipeline reopened following an outage. A stronger dollar, on track for its biggest weekly rise since November 2016, was adding pressure by making it more profitable for holders of other currencies to sell dollar-denominated assets such as oil. Brent crude futures dropped 58 cents to $64.93 a barrel by 1157 GMT, having hit a 2018 low of $64.77 earlier. U.S. futures fell 48 cents to $61.31 a barrel.
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.
Oil at Highest Level since June 2015
Iran unrest expected to keep prices firm; but U.S. expected to see its output pass 10 mln bpd. Oil prices rose on Wednesday to new two-and-a-half year highs as robust output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran. U.S. West Texas Intermediate (WTI) crude futures were at $60.87 a barrel at 1241 GMT, up 49 cents from their last close and their highest level since June 2015. Brent crude futures - the international benchmark for oil prices - were at $67 a barrel, up 43 cents but still trailing Tuesday's high of $67.29 that was the most since May 2015.
Oil Trades Strengthen to Mid-2015 Levels on Iranian Unrest
Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 1200 GMT after hitting $60.74 earlier in the day, their highest since June 2015. Brent crude futures, the international benchmark, were also flat at around $66.80 after hitting a May 2015 high of $67.29 a barrel earlier in the day.
Oil Finishes Strong in 2017
U.S. oil prices rose above $60 a barrel on the final trading day of the year and hit their highest since mid-2015, as an unexpected fall in American output and a decline in commercial crude inventories stoked buying in generally thin trading. International benchmark Brent crude futures also rose, supported by ongoing supply cuts by top producers OPEC and Russia as well as strong demand from China. Oil prices are set to close out the year with strong gains. Brent is up 17 percent since the beginning of the year and U.S. West Texas Intermediate is up 12 percent.
Oil Prices Buoyed by Strong U.S. Refinery Runs, China Data
Brent, WTI crude dip but stay near mid-2015 highs; U.S. stocks fall 4.6 mln bbls, refining surges - EIA. Oil prices dipped on Thursday but stayed close to their highest in 2-1/2 years, as data showed strong demand for crude imports in China and on increased refining activity in the United States that drew more crude from inventories. Trading was typically thin at year end, with many traders on vacation. The U.S. Energy Department said crude stocks fell 4.6 million barrels in the latest week. Inventories excluding the nation's strategic reserve have declined more than 11 percent in the last year. U.S.
Ineos: Forties Oil Flows Back to Normal 'Around New Year'
All restrictions of flows have now been lifted; force majeure on supply still in place. Britain's biggest and most important oil and gas pipeline Forties should resume normal flows around the new year, slightly earlier than previously flagged, its operator Ineos said on Thursday. Ineos had previously expected the pipeline, which suffered a rare unplanned shutdown because of a crack, to resume normal operations in early January. The closure since Dec. 11 of the pipeline, which normally pumps about 450…
BP Restarts Most North Sea Oilfields After Forties Fix
A BP spokesman said that its major ETAP oilfield system as well as the Bruce field in the North Sea were restarting following the resumption of flows through the UK's Forties pipeline. The spokesman said that the Andrew platfrom remained shut due to planned maintenance. The 450,000 barrel per day Forties pipeline was shut on Dec. 11 after a crack was found. After repairs, flows resumed at the start of this week. Flows through the pipeline are expected to return to normal levels in early January. Reporting By Julia Payne
Oil Near mid-2015 Highs on Strong China Data
Strong China import quota, lower inventories lift crude; OPEC and Russia-led supply cuts also propping up prices. Oil prices stood near their highest in two and a half years, supported by strong data from top importer China amid thin trading activity ahead of the New Year weekend. Heading into 2018, traders said market conditions were relatively tight because of supply cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) and Russia. U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $59.72 a barrel by 1100 GMT.
Shell Restarts North Sea Shearwater, Nelson Platforms
Shell spokeswoman said on Wednesday that production operations were gradually resuming at its North Sea Shearwater and Nelson oil and gas platforms. The resumption follows the restart of the major Forties pipeline that handles the fields' output. The Forties pipeline was shutdown on Dec. 11 after a crack was found. It restarted this week after repairs. Shell said on Dec. 12 that it had shutdown production at the fields. Reporting by Julia Payne
North Sea Forties Pipeline up at Half Capacity
Britain's biggest and most important oil pipeline, Forties, was ramping up throughput after repairs and was currently pumping at around half its normal rates, a trading source familiar with the operations said on Wednesday. Forties normally pumps about 450,000 barrels per day. The pipeline's operator Ineos restarted the pipeline earlier in the week and has pledged to resume full flows in early January. On Wednesday, Ineos could not immediately comment on the current flow rates. The closure of the pipeline since Dec.
Oil Falls From 2015 Highs as Rally Fizzles
Oil prices dipped on Wednesday after hitting a near two-and-a-half year high in the previous session as a rally fuelled by supply outages in Libya and the North Sea ran out of momentum. Brent crude futures dropped to $66.38 a barrel, down 0.9 percent, or 64 cents, at 1933 GMT after breaking through $67 for the first time since May 2015 the previous day. U.S. West Texas Intermediate (WTI) crude futures were at $59.64 a barrel, down 34 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session.
Lundin Petroleum's Grieg Output Back to Normal
Production at Lundin Petroleum's Edvard Grieg oil and gas field off the coast of Norway is back at normal levels following a partial outage that began when the Forties pipeline was shut earlier this month, Lundin said. "Production at Grieg is going as normal. It resumed fairly quickly after the Forties problems occurred," Lundin Norway Managing Director Kristin Faeroevik told Reuters on Wednesday. Reporting by Henrik Stolen
Oil Slips as Forties Pipeline Repairs Move Forward
North Sea Forties oil pipeline being tested after repairs; U.S. oil drilling rig count holds steady. Oil edged lower towards $65 a barrel on Tuesday, but remained within sight of its highest level since mid-2015, as the looming restart of a North Sea oil pipeline offset support from OPEC-led supply cuts. The North Sea Forties pipeline, which plays an important role in the global oil market, is being tested following repairs and full flows should resume in early January, its operator Ineos said on Monday. Brent crude, the international benchmark for oil prices, slipped 15 cents to $65.10 a barrel at 1153 GMT.
Brent at 2015 High, Traders Bet on OPEC Supply Cuts
OPEC working on plan to exit supply cut deal; and Forties pipeline expected to fully restart in early January. Brent oil prices edged up enough on Thursday to close at the highest since the summer of 2015 as OPEC started working on plans for an exit strategy from its deal to cut crude supplies, fueling hopes it would not end supply cuts abruptly. The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers on Nov. 30 extended an oil output-cutting deal until the end of 2018 to finish clearing a glut.
Oil Falls as North Sea Pipeline Edges Closer to Restart
Forties pipeline expected to fully restart in early Janury; U.S. crude output highest since 1970s, but crude stocks fall. Oil prices fell on Thursday after the operator of Britain's Forties pipeline in the North Sea said it was expected to restart in early January after repairs over Christmas. Forties is the largest of the five North Sea crudes that underpin Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia. Oil prices have risen since the pipeline was shut on Dec 11. But Brent oil prices fell after the announcement and were down 15 cents at $64.41 per barrel at 1225 GMT. U.S.
