LONDON, Jan 16 (Reuters) – A major stoppage of North Sea oil
production serves as a stark reminder of ageing infrastructure
and a lack of investment in new developments, which is seen
reducing Britain’s oil output to 1970s levels in 2013.
The total shutdown of the Brent pipeline system on Tuesday
has once again highlighted the challenge facing North Sea
producers trying to extract the last drops of oil from dwindling
HAMBURG/LONDON, Dec 19 (Reuters) – High water levels have
stopped shipping on part of the Rhine, delaying deliveries of
gasoline, heating oil and other commodities into Germany and
Switzerland, and even if it reopens later on Wednesday, barges
will still have to go slowly.
As a result, gasoline and heating oil stocks could begin to
build up at the Amsterdam-Rotterdam-Antwerp hub, pressuring
prices, although this will also depend on the amount of cargo
activity in and out of ARA over the week.
LONDON, Dec 17 (Reuters) – North Sea crude oil output from
12 large production streams tracked by Reuters is expected to
fall by 11 percent in January, which may help to support Brent
crude oil futures prices.
Output is set to average 1.8 million barrels per day (bpd)
based on the loading schedules compiled by Reuters on Monday,
down from 2.03 million bpd in December.
LONDON, Dec 12 (Reuters) – Brent crude oil rose above $108 a
barrel on Wednesday supported by expectations of a fourth round
of monetary stimulus from the U.S. Federal Reserve later in the
day, although concerns about oversupply and weak demand limited
Brent crude futures were up 60 cents to $108.61 a
barrel by 0950 GMT, rebounding from last week’s dip. U.S. crude
was up 43 cents to $86.22 a barrel.
LONDON, Dec 11 (Reuters) – The oil industry has welcomed the
UK Treasury’s draft proposals on tax relief for costs of
shutting down ageing wells and oilfields which, if implemented,
should help unlock more North Sea oil and gas reserves by
The oil and gas industry has been waiting for clarity on the
tax treatment of decommissioning liabilities for ageing assets
in the North Sea since 2011. The hope is that this will help
more late life assets change hands.
LONDON, Nov 23 (Reuters) – Oil dipped towards $110 a barrel
on Friday as the ceasefire in the Gaza Strip held, easing supply
concerns, but better-than-expected German business sentiment
data failed to ease worries about demand in the eurozone
Brent crude futures were down 16 cents at $110.41 a
barrel at 0928 GMT. U.S. crude was down 27 cents against
Wednesday’s settlement to $87.11. The U.S. market, which was
closed on Thursday for the Thanksgiving holiday, will not issue
a formal settlement price until Friday.
LONDON/GENEVA, Nov 19 (Reuters) – Investors say they have no
plans to switch to the new Brent NX contract which was unveiled
over a year ago, leaving futures exchange ICE with tough choices
to make in 2013 over how to terminate the existing benchmark.
The majority of fund managers care little about the
technicalities of cargo delivery dates, the reason why ICE
introduced the new contract, and some are barely aware it is on
the board. The equivalent of just 0.1 percent of total Brent
volumes has switched.
LONDON, Nov 16 (Reuters) – European oil refiners can expect
margins to come back down to earth in 2013 as global capacity
returns, after a rollercoaster this year that saw them soar in
the second and third quarters on low oil products stocks and
The persistent strength of European refining margins since
the middle of the year has surprised traders and refiners, who
had grown used to very tough conditions.
LONDON (Reuters) – Cash-strapped consumers in austerity Britain trying to hold down rising heating bills are rushing out to buy socks designed to be worn in bed, according to UK manufacturer HJ Hall.
HJ Hall said it would normally sell around 3,000 pairs of bedsocks a month between October and February, but this October sold more than 9,000 pairs. 86 percent of the people it polled said they were buying the socks to delay putting on the heating.
Nov 6 (Reuters) – The world’s leading financial index group
sowed hours of confusion in global oil markets late on Monday
when it accidentally reversed the new crude oil weightings of
the top commodity index, the S&P GSCI.
S&P Dow Jones Indices, owned by McGraw Hill unit
Standard & Poor’s, said on Tuesday that it had inadvertently
mislabeled a table showing how investors should allocate an
estimated $80 billion of funds that track the index for 2013.
The new weights were listed under a “2012″ heading, while this
year’s were listed as new figures for “2013.”