*Oil and Gasoil Lower on Opening, VLSFO Still in Backwardation on the Front Months*
Oil and Gasoil were lower this morning, there was lots of volatility in both markets. The Euro and Sing FoGos remain stable continuing the trend from last week. Front month VLFSO remain in backwardation, with its HSFO counterparts teetering on the edge at around -0.25 to -0.5 spreads for Nov/Dec20. (FIS)
*Chevron Restarting Offshore Gulf of Mexico Oil and Gas Output Shut by Hurricane*
Oil platforms in the Gulf of Mexico have begun the process of staffing offshore platforms as Hurricane Delta passes through the region. 91% of total crude production in the areas were taken offline, which was the biggest disruption in 15 years to crude production. Chevron’s Empire and Fourchon terminals remained shut on Sunday. (Reuters)
*Norway Oil Strike Ends After Wage Agreement*
The end of a 10 day strike came on Friday as an agreement over wages was reached between the union Lederne and NOGA, which if continued, may have seen output fall by 25%, or 966,000 bpd by 14th October as rigs were set for changeovers and key operational functions were not due to be staffed as a result of the strike. (Reuters)
*Libya’s NOC Lifts Force Majeure On Sharara Oilfield*
The Sharara oilfield has had its force majeure lifted this week as an agreement has been made with the militant presence there which will see an extra 30,000 bpd come online in the next week, with sources predicting that output from the region will increase to around 330,000 bpd.