Reuters logo
North Sea Crude-Forties rises, strike delays Oseberg
July 2, 2012 / 4:50 PM / 5 years ago

North Sea Crude-Forties rises, strike delays Oseberg

* Oseberg crude shipment delayed, says trade source
    * Forties rises as buyers re-emerge
    * Swaps back to backwardation

    LONDON, July 2 (Reuters) - North Sea Forties crude rose on
Monday as buying interest increased after a dearth of trades
last week, while the first signs emerged that a strike in Norway
is affecting shipments.
    * Vitol sold to Mercuria a July 17-19 Forties at September
BFOE minus 65 cents, a trader who sees the Platts window said,
roughly equal to dated minus 38 cents.
    * Also, Total bid a July 22-29 Forties to dated minus 5
cents and Morgan Stanley bid July 16-22 to dated minus 15 cents.
    * On the sell side, Hetco offered a July 22-24 Forties at
dated plus 30 cents, and withdrew the offer.
    * The bids were up from the last known Forties price talks
last Tuesday, which valued cargoes at around dated minus 55
cents. There were no Forties window deals, or price talks, on
Friday, Thursday and Wednesday.
    * The strike by offshore workers in Norway's oil sector has
begun to slow crude loadings, delaying a shipment of Oseberg, a
trading source familiar with the matter said on Monday. 
    "There has been some impact," the source said. "There is a
cargo scheduled to load on July 1-3 and it's not loaded yet."
    * Oseberg is transported by pipeline to the Sture export
terminal near Bergen in Norway. Sture has storage tanks able to
hold 6.3 million barrels of crude. It is not known how full the
tanks were when production was cut. 
    * Swaps returned to a backwardation, indicating higher
demand in the near term, and were as follows:
     9-13/7 Sep -24 
    16-20/7 Sep -27 
    23-27/7 Sep -30 
    30-03/8 Sep -33 
     6-10/8 Sep -36 
    13-17/8 Sep -39 
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click here

 (Reporting by Alex Lawler, editing by William Hardy)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below