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North Sea oil rebounds as glut of floating crude finds buyers as demand rise
THE crude oil stored in ships on the North Sea has dissipated, says David Reid, an analyst at Vienna-based JBC Energy in an e-mail to Bloomberg.
Crude kept in North Sea tankers has declined more than 50 per cent to five million barrels within the last three weeks, according to ship-tracking data compiled by Bloomberg.
Ships loaded with Brent and Forties oil, two of the region's primary grades, discharged their cargoes in Germany and Rotterdam this week after being anchored for up to four months.
Demand has increased as traders take advantage of remaining discounts before maintenance begins at the UK's largest oil field, said the report.
The "timing is right" for buying interest in North Sea crude to rise, said Mr Reid. Planned work at the 170,000 barrel-a-day Buzzard field, scheduled to begin in mid-September and last about a month, will curtail production and push up prices, he said.
Crude kept in North Sea tankers has declined more than 50 per cent to five million barrels within the last three weeks, according to ship-tracking data compiled by Bloomberg.
Ships loaded with Brent and Forties oil, two of the region's primary grades, discharged their cargoes in Germany and Rotterdam this week after being anchored for up to four months.
Demand has increased as traders take advantage of remaining discounts before maintenance begins at the UK's largest oil field, said the report.
The "timing is right" for buying interest in North Sea crude to rise, said Mr Reid. Planned work at the 170,000 barrel-a-day Buzzard field, scheduled to begin in mid-September and last about a month, will curtail production and push up prices, he said.
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