• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Energy Armageddon
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 14 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days Goldman Betting on Cryptocurrencies
  • 8 days Сryptocurrency predictions
  • 12 days Putin and Xi Bet on the Global South
These Countries Have The Oldest Nuclear Reactors In The World

These Countries Have The Oldest Nuclear Reactors In The World

Switzerland, Belgium, and the United…

Canadian Banks Slammed For Continued Fossil Fuel Investments

Canadian Banks Slammed For Continued Fossil Fuel Investments

Investors are levying strong critiques…

First Crude Tankers Set Sail From Nigeria’s Forcados Since October

Two Suezmax tankers fully laden with crude oil set sail from Nigeria’s Forcados terminal over the past few days, according to Platts shipping data, in what appears to be a tentative resumption of shipments of one of the country’s top export grades that has been offline since October last year.

According to Platts trade flow software cFlow, the Suezmax Densa Orca left Forcados on Sunday, and the Suezmax Astro Perseus departed from Forcados on Tuesday. It was not immediately clear where the destination ports of the two tankers are. More loadings are planned at Forcados, and five tentative dates have been set for June, according to Platts’ trading sources.

According to a Platts source close to the situation, the grade is loading, but it’s a little early to say that things are back to normal.

The Forcados grade, whose output usually averages 200,000-250,000 bpd, has been offline for most of the time since February 2016, due to a series of militant bombing on the Trans Forcados pipeline that connects oil fields in the Niger Delta with the export terminal. In October last year, loadings resumed, but new attacks forced the grade offline again less than a month later.

In May this year, trading sources told Platts that at least two 950,000-barrel cargoes of Forcados crude would ship from the main terminal in May.

Related: Is History Repeating Itself In The Oil Markets?

Days before that, Shell was said to be testing the Trans Forcados export pipeline for a potential restart, and the Astro Perseus tanker was expected to load the first cargo.

Referring to today’s tanker flow data, a spokeswoman for Shell declined to comment on shipments departing from Forcados, but told Platts that the force majeure on loadings at the terminal remains in place.

As Nigeria is exempt from the OPEC deal, a full resumption of Forcados exports would further complicate the cartel’s efforts to cut back production in its mission to lift the price of oil and draw down global oversupply to the five-year industry average.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News