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Forties Pipeline to be Shut Down Weeks

Posted By Alfonso Esparza On In AUD,CAD,Commodities,EUR,Forex News Round Up,GBP,JPY | No Comments

One of the UK’s most important oil pipelines is still expected to be shut down for “weeks rather than days”, as first images of the repair site were released.

The Forties pipeline carries crude North Sea oil across land for processing at Grangemouth.

The crack was discovered last week at near Netherley in Aberdeenshire and a 300m safety cordon is in place.


West Texas Intermediate graph

Pipeline owner Ineos apologised to “our customers and communities”.

The Forties pipeline carries about 40% of North Sea crude oil.

Speaking in the Scottish Parliament, Lib Dem MSP Mike Rumbles said people in Aberdeenshire were worried about the risk of further “undetected” cracks in the Forties pipeline.

Energy Minister Paul Wheelhouse said the Scottish government would be “seeking information from Ineos” in order to reassure people.

via BBC [1]

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Alfonso Esparza

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Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

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