• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 2 hours Alberta govt to construct another WCS processing refinery
  • 16 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 2 hours Let's Just Block the Sun, Shall We?
  • 16 hours Waste-to-Energy Chugging Along
  • 20 hours What will the future hold for nations dependent on high oil prices.
  • 20 hours Venezuela continues to sink in misery
  • 1 day UK Power and loss of power stations
  • 15 hours Regular Gas dropped to $2.21 per gallon today
  • 24 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 1 day Zohr Giant Gas Field Increases Production Six-Fold
  • 1 day No, The U.S. Is Not A Net Exporter Of Crude Oil
  • 1 day EPA To Roll Back Carbon Rule On New Coal Plants
  • 11 hours Sane Take on the Russia-Ukraine Case
  • 10 hours Sleeping Hydrocarbon Giant
The Real Impact Of Diesel Bans

The Real Impact Of Diesel Bans

Diesel bans will be coming…

Crypto Mining Could Leave This Region Without Power

Crypto Mining Could Leave This Region Without Power

Authorities in Abkhazia are trying…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Forties Pipeline Could Remain Shuttered For Weeks

oil traders

The Forties oil and gas pipeline shutdown on Monday, caused energy prices in the United Kingdom to spike in the afternoon, according to a new report by Reuters. Brent Crude, which Forties carries, also spiked to a two-and-a-half-year high on news of the stoppage.

Wholesale gas prices for immediate delivery dates rose by 28 percent to the highest rate since the beginning of 2013. The jump brought domestic gas prices almost to parity with Asian LNG rates. Brent crude was trading up 1.96% on the day at $64.64.

A spokesman for Ineos, the pipeline’s holding company, said the pipeline would not be operational for “weeks rather than days.”

“It happens to come at the highest demand point of the year, with the system already notably tight,” he added. Ineos just finished buying the pipeline and the Kinneil terminal from British Petroleum just over a month ago.

The British power grid is already strained due to winter demand, five offline nuclear reactors, and outages affecting the Bacton Seal.

Last week, the Forties pipeline stream—the U.K.’s main export vein for its Scottish refineries—saw disrupted flows after officials spotted a “seepage” onshore. The spill was not severe, with just a few drops leaking from the pipeline every minute. This was no reported “contamination issue” due to its early detection during scheduled maintenance.

Related: Is Oil About To Collapse?

"Ineos has mobilized a repair and oil spill response team following the identification of a very small amount of oil seepage during a routine inspection of the Forties Pipeline System at Red Moss, near Netherley, Aberdeenshire, at approximately 10:00 hours yesterday,” an official statement said at the time.

It is unclear if the recent shutdown is related to the previous leak. The police had closed a local road and cordoned off a 300-meter area for workers to resolve the issue.

"A small number of local residents within this area have been advised to temporarily relocate," the company added. "We will work to resolve the issue and monitor the situation. We apologize for any inconvenience caused."

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News