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BFOE = Brent/Forties/Oseberg/Ekofisk.

STATFJORD, ASGARD, GULLFAKS = CIF basis Rotterdam    

NOTE: for full details on the criteria ICIS pricing uses in making these price assessments visit www.icispricing.com and click on “methodology”.

COMMENTS                                                                       

Forties Pipeline System operator, BP, said that production was still scheduled to re-commence on Friday afternoon following the removal of a World War Two mine that was recently found near the pipeline. BP had taken the opportunity to carry out some maintenance work during the closure, which started on Monday, but these were said to be all on schedule.

Meanwhile, the ongoing production shortfall from the Buzzard field has resulted in the deferral of yet another cargo of Forties. Nexen equity cargo F0815, originally scheduled to load 27-29 August, was said to have been slipped back three days. This is the fifth cargo in the August programme to have been delayed from its original dates.

A revised loading programme for August Ekofisk has been issued showing delays to cargoes loading between 17 August and 26 August of up to five days. Three cargoes had already been dropped from the programme (WCR 3 August) due to production problems.

There was just a single cargo of Forties (F0813) eligible for 21-day declaration and it was put into circulation to be kept by Shell.

In open market trading, Shell offered a 17-19 August Forties, starting at Oct BFOE less 10 cents and working down to Oct less 55 cents, but without attracting any buying interest.

Shell also offered a 21-23 August Forties, starting at Dtd plus 10 cents and working down to Dtd less 15 cents with an equal lack of success.

BP made a bid for a 23-27 August Forties at Dtd less 25 cents and did not raise its level from that.

Elsewhere, the Statoil marketing team said that on Wednesday it had sold a cargo of GULLFAKS that had been on offer at Dtd plus 4.30, but had achieved a little less than that. Cargoes of Ekofisk, Gullfaks and Oseberg were still available for loading late August.

The partials market managed average volume, while the CfDs were again fairly active.

***”WINDOW” TRADES and WEIGHTED AVERAGE***

Dated to Paper – Assessments at 16:30 hours London

Dated to Front-line ICE Brent – Assessments at 16:30 hours London

DEALS DONE: (Unless otherwise noted, prices were undisclosed)

From Wednesday: GULLFAKS: Late August.