A cargo from the September loading program of North Sea Forties crude has been deferred as the Nexen Inc. (NXY)-operated Buzzard oil field, the largest contributing to Forties crude oil, has started planned maintenance expected to last several weeks, traders said.
Cargo F0905, Nexen's equity, was originally scheduled to load Sept. 12-14, but will now load two days later, according to traders.
Forties is the main component of global benchmark Brent, used to price more than half of the world's oil. The short loading program of Forties in September due to a heavy maintenance schedule at oil fields has provided support to Brent futures in August.
But Forties price weakened in Wednesday's late-afternoon price-setting window, with traders citing plentiful prompt supply amid availability of alternative, non-North Sea grades. BP PLC (BP) sold a Forties cargo to Lukoil Holdings (LUKOY) at a 75 cent discount to physical benchmark Brent.
Source: Dow Jones