“The time frame for a restart of the Forties Pipeline System remained uncertain after owner Ineos discovered a crack in a pipe last week. The outage stops the flow of around 450,000 barrels of North Sea oil a day,” according to an article by wsj.com.
“U.S. oil prices rose and the global benchmark fell Friday, as prices were supported by [the] pipeline outage in the North Sea, but higher forecasts for U.S. output in 2018 from major energy groups this week limited gains,” reports wsj.com
“We’re in a structural malaise,” said J. Alexander Blackman, an executive at Standard Delta, an energy and trading firm. “OPEC policy and shale technology create a very tight range where prices trade.”
“The U.S. benchmark fell 6 cents this week—its third straight weekly decline. Brent fell for a second week in a row, edging down by 17 cents.”
“Prices have been in a ‘back and forth pattern’ this week, analysts at TAC said, amid reports that suggested that supply and demand might not be as tight as some were expecting.”
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