North Sea BFOE Crude-Oil Loading Programs to Rise 10% in June

Date : 05/08/2014 @ 10:36AM
Source : Dow Jones News
Stock : Exxon Mobil Corp. (XOM)
Quote : 87.15  0.0 (0.00%) @ 5:13AM

North Sea BFOE Crude-Oil Loading Programs to Rise 10% in June

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By Cassie Werber

LONDON--The amount of crude oil due to be pumped from North Sea fields will rise by 10% in June from the previous month, as the Oseberg field emerges from maintenance.

Oseberg was due to account for only two 600,000-barrel cargoes in May, according to loading programs, because of field maintenance. In June, however, seven cargoes are due to load.

All the other fields that make up the BFOE basket of crudes will have similar loadings to the previous month, according to provisional loading programs seen by The Wall Street Journal.

There will be six Brent cargoes in June, the same as in May, and 17 Forties cargoes, the same as the previous month. There are due to be 14 cargoes loaded at the Ekofisk field, down from 15.

June is also a shorter month than May, elevating the barrels-per-day difference between the two months.

Loading programs are released and circulated among oil traders and brokers, but don't give a perfect indication of oil volume because they can be subject to change.

Brent crude is of international importance because it remains one of the most liquid markets and influences oil prices across the globe.

North Sea loading programs:

                  May 2014                      June 2014 
               (barrels)  Volume (B/D)     (barrels)  Volume (B/D) 
Brent          3,600,000    116,129        3,600,000   120,000 
Forties       10,200,000    329,032       10,200,000   340,000 
Oseberg        1,200,000     38,710        4,200,000   140,000 
Ekofisk        9,000,000    290,323        8,400,000   280,000 
Total BFOE    24,000,000    774,194       26,400,000   880,000 

Write to Cassie Werber at, Twitter: @cassiewerber

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