Major Forties oil pipeline to be closed for repairs

[nitpicker]

http://www.bbc.com/news/uk-scotland-north-east-orkney-shetland-42308437

Major Forties oil pipeline to be closed for repairs

By Kevin Keane
BBC Scotland's environment correspondent

11 December 2017

One of the UK's most important oil pipelines is being closed after a crack was discovered in Aberdeenshire. The Forties pipeline carries crude North Sea oil across land for processing at Grangemouth. The crack was discovered last week at Red Moss near Netherley. The pipeline's owner Ineos said on Monday that, despite pressure being reduced, the crack had extended. The Forties pipeline carries about 40% of North Sea crude oil.

More than 80 platforms will have to suspend production. The price of Brent crude rose about 2% to $64.69 a barrel amid surprise that the pipeline could be shut for about three weeks - far longer than expected.
(snip)

A UK government spokeswoman said: "There is no security of supply issue for fuel or gas supplies as a result of the repairs needed to the Forties pipeline. The government will continue to liaise with industry operators to monitor the situation to ensure repairs are undertaken as quickly as possible."

Energy consultancy Wood Mackenzie warned that even a temporary shutdown of the Forties Pipeline System (FPS) would have "wide-reaching implications".

Senior analyst Fiona Legate said: "FPS transports liquids from over 80 fields, including the two largest producers in the UK - Buzzard and Forties. Companies with fields utilising the FPS export route will suffer from reduced cash-flows during the shutdown period."
(snip)

[nitpicker]

1. The impact on oil prices

From the BBC:

Brent Crude Oil Futures $/barrel 65.34 +0.65 +1.0
West Texas Intermediate Crude Oil Futures $/barrel 58.47 +0.48 +0.8

And from the CME Group:
http://www.cmegroup.com/trading/energy/refined-products/rbob-gasoline.html

Month

Options

Charts

Last

Change

Prior Settle

Open

High

Low

Volume

Hi / Low Limit

Updated


JAN 2018
JAN 2018
Show Price Chart
1.7468 +0.0202 1.7266 1.7266 1.7508 1.7259 2,488 1.8766 / 1.5766 04:03:50 CT
12 Dec 2017

FEB 2018
FEB 2018
Show Price Chart
1.7608 +0.0182 1.7426 1.7470 1.7653 1.7417 1,934 1.8926 / 1.5926 04:02:35 CT
12 Dec 2017

MAR 2018
MAR 2018
Show Price Chart
1.7793 +0.0172 1.7621 1.7623 1.7843 1.7613 1,083 1.9121 / 1.6121 04:02:35 CT
12 Dec 2017

APR 2018
APR 2018
Show Price Chart
1.9539 +0.0149 1.9390 1.9395 1.9607 1.9391 506 2.0890 / 1.7890 03:55:29 CT
12 Dec 2017

MAY 2018
MAY 2018
Show Price Chart
1.9565 +0.0141 1.9424 1.9547 1.9621 1.9533 443 2.0924 / 1.7924 04:03:36 CT
12 Dec 2017

JUN 2018
JUN 2018
Show Price Chart
1.9451 +0.0142 1.9309 1.9327 1.9519 1.9317 532 2.0809 / 1.7809 04:03:36 CT
12 Dec 2017

JUL 2018
JUL 2018
Show Price Chart
1.9318 +0.0198 1.9120 1.9291 1.9318 1.9291 58 2.0620 / 1.7620 03:55:41 CT
12 Dec 2017