LONDON: North Sea Forties crude was offered on Friday for early January loading in a sign that market participants believe a supply outage will have been resolved by then, while Ekofisk weakened.
The Forties Pipeline has been closed since Monday after operator INEOS said it had discovered a crack in its onshore infrastructure. INEOS has told the industry that repairs may take two to four weeks to complete.
As a result Forties cargo loading dates have been delayed by at least two weeks, trade sources said on Friday.
WINDOW SUMMARY
Forties: Gunvor offered a Dec. 31-Jan. 2 cargo at dated Brent plus 80 cents, 10 cents higher than the last deal which was reported on Wednesday.
Ekofisk: Total bought from Shell a cargo loading on Dec. 31-Jan. 2 at dated Brent plus 60 cents, down 20 cents from a deal on Thursday. That is equal to dated Brent plus 27 cents using the quality premiums for December and January cargoes.
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