LONDON, Oct 11 (Reuters) – Workers at the Grangemouth
refinery and petrochemical plant operated by Ineos
in Scotland will go on a 48-hour strike from Sunday Oct. 20, a
union source said, potentially disrupting the flow of Brent
crude from the North Sea.
The shutdown is likely to force a closure of the North Sea’s
Forties Pipeline System as the Kinneil oil processing terminal,
where oil from the Forties field comes ashore, relies on
Grangemouth for its steam and power.
LONDON, Oct 10 (Reuters) – Crude oil rose to $110 per barrel
on Thursday as the kidnapping of Libya’s prime minister delayed
the prospect of a further recovery in production from the North
Brent futures were $1.01 higher at $110.07 per
barrel at 0817 GMT.
Gunmen from a former rebel faction kidnapped Libyan Prime
Minister Ali Zeidan on Thursday in reprisal for the government’s
role in the U.S. capture of a top al Qaeda suspect.
LONDON, Oct 3 (Reuters) – Crude oil slipped to around $109 a
barrel on Thursday on worries that a prolonged U.S. government
shutdown would hurt demand in the world’s biggest oil consumer.
President Barack Obama met with Republican and Democratic
leaders in Congress to try to break a budget deadlock that has
shut wide swaths of the federal government, but after more than
an hour of talks no breakthrough emerged.
LONDON, Sept 30 (Reuters) – Ineos announced what it described as a “survival
plan” on Monday to keep in operation the petrochemical plant attached to its
refinery in Grangemouth, Scotland, involving job cuts and changing pension plans
to reduce costs.
The company would not specify the level of job cuts but said the closure of
a naphtha cracker by 2015 and other parts of the plant would lead to a loss of
LONDON, Sept 27 (Reuters) – Workers at the 210,000
barrel-per-day (bpd) oil refinery in Grangemouth, Scotland voted
on Friday in favour of strike action, raising fears of
disruption to North Sea oil supplies that could drive up the
benchmark oil price.
Steam from the Grangemouth refinery, owned by PetroIneos
, powers the adjoining Kinneil terminal,
which receives oil from a pipeline carrying North Sea Forties,
one of the four crudes that underpins the Brent oil benchmark.
LONDON, Sept 26 (Reuters) – Oil prices gained slightly on
Thursday despite easing geopolitical worries and an improving
supply picture, as traders sought bargains after sharp losses
earlier this month.
Brent oil gained 19 cents to $108.51 a barrel by
0843 GMT, after slipping to $108 earlier in the session. The
benchmark is down 4.8 percent so far in September, on track for
its biggest monthly fall since April.
LONDON, Sept 19 (Reuters) – Brent oil rose for a second day
on Thursday after the United States surprised markets by keeping
its monetary stimulus programme intact, but gains were capped
after Iran’s president vowed his government would never develop
Brent crude for November delivery gained 33 cents to
$110.93 a barrel by 1110 GMT, while U.S. crude was up 70
cents at $108.77.
LONDON/WASHINGTON (Reuters) – U.S. regulators are in talks to join European officials in their investigation of the oil markets, a European politician said, as both sides hunt for signs that trading benchmarks have been compromised.
But while the European Union has already raided the offices of major oil companies and price publisher Platts, the U.S. derivatives regulator has yet to launch a formal probe, two people familiar with the matter said.
LONDON, Sept 3 (Reuters) – Oil futures gained slightly on
Tuesday as firm Chinese economic data bolstered expectations of
demand growth, even as supply has tightened due to the collapse
of Libyan exports.
Brent crude was up 17 cents at $114.50 a barrel at
0835 GMT. U.S. oil rose 20 cents to $107.00 from Friday’s
settlement, as due to the Labor Day holiday there was no Monday
settlement for the U.S. benchmark.
LONDON, Aug 2 (Reuters) – Brent crude oil reached a
four-month peak above $110 per barrel on Friday as strong
economic data improved the demand outlook at a time of
disruption to production in Africa and maintenance limiting
North Sea supply.
Brent futures reached a high for the day of $110.09,
their loftiest in four months, before dipping 23 cents from the
open to $109.31 by 0854 GMT.