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Article: North Sea bubble.(Marketview)
- Article from:
- Petroleum Intelligence Weekly
- Article date:
- March 21, 2007
CopyrightCOPYRIGHT 2007 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON -- A tight June North Sea loading program and increasing production cuts in West Africa have sent differentials for light, sweet North Sea crudes soaring.
The crude oil futures market, meanwhile, is treading water--supported by physical crude, strong product prices held up by record-high US gasoline prices and geopolitical tension, but capped by concerns that products may have topped out and will turn south as refiners return from maintenance.
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A tense geopolitical scene underpins prices. The security situation in Nigeria continues to deteriorate with production outages now totaling at least 880,000 b/d, and possibly as ...