LONDON: Traders in the North Sea physical market offered cargoes of Forties crude for loading in just under two weeks' time on Monday, showing some market participants believe a pipeline outage will have been resolved more quickly than originally thought.
The Forties Pipeline has been closed since Dec. 11 after operator Ineos said it had discovered a crack in its onshore infrastructure. Ineos said on Monday it still expects any repair work to take two to four weeks to complete.
Trade sources said last week Forties cargo loading dates had been delayed by at least two weeks, but trading house Gunvor offered two cargoes for loading from Dec. 31.
Physical barrels of Forties eased to their lowest in almost a month, as traders priced in the return of the halted supply.
Comments
Comments are closed for this article.