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North Sea Claws Way Out of Buying Lull

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  • Brent, Forties, Oseberg, Ekofisk and Troll crude exports are down 5.6% month on month, at 736,000 b/d.

  • North Sea trade regains momentum after refining strikes in France prompted some delays, cancellations and rushed cargo re-sales.

  • Johan Sverdrup takes the lion’s share in replacing Urals in Europe, with the largest-ever loading program since the stream went online.

The North Sea trade is slowly regaining momentum after a phase of turbulence that had forced some refineries to delay purchases. Refining strikes in France created a short depression in prompt demand, in turn enticing sellers to reallocate cargoes into a rather quiet and dismissive spot market already flooded with US light oil.

Topics:
Oil Spot Markets, Oil Supply, Oil Trade, Crude Oil
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