- Brent crude oil (NYSEARCA:BNO) rises above $65/bbl for the first time in two and a half years following the shutdown of the Forties pipeline in the U.K. North Sea, an outage that likely will cause significant delays in the loading of Forties crude cargoes; Brent +1.6% at $65.71/bbl, increasing the spread over U.S. WTI crude, currently +0.8% at $58.48/bbl.
- Ineos director Tom Crotty tells Bloomberg that the company will know in the "next few days" whether the system will be closed for two or three weeks.
- The link feeds the Hound Point export terminal near Edinburgh in Scotland and handles supplies from more than 80 fields, and the shutdown forced Apache (NYSE:APA) to suspend operations at its nearby Forties field.
- 400K barrels of Forties crude were due to load each day this month, ~40% of the basket of crudes used to price the Dated Brent benchmark; the others are Brent, Oseberg, Ekofisk and Troll.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, SCO, OIH, BNO, DBO, ERY, DIG, DTO, BGR, USL, FENY, DUG, IYE, FIF, DNO, OLO, RYE, SZO, PXJ, FXN, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, ERYY, FTXN, ERGF
- Now read: Apache Corporation: A Game Changer Called Alpine High
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