New UK Oil Field Offers Relief After Outages

A new U.K. North Sea oil field came online last week, offering one of the country’s largest independent operators some relief from a pipeline halt that forced a significant portion of the region’s output to stop.The startup of Premier Oil Plc’s Catcher field caps the biggest year for new offshore oil and gas projects in the country for about a decade. While the U.K. industry has shown surprising resilience to the three-year crude price slump, that success was marred earlier this month when a fault in a crucial pipeline underscored its reliance on aging infrastructure.New oil from Catcher, half of which is owned by Premier, offset only a fraction of the 400,000 barrels a day of output halted earlier this month after Ineos AG discovered a hairline crack on the Forties pipeline. Partial flows through the conduit restarted after the completion of repairs and will increase gradually, Ineos said on Tuesday.

Source: Premier Oil Field Startup Gives Relief After North Sea Pipe Halt – Bloomberg

Markets Quiet in Run Up to New Year

EUR/USD – Euro Edges Up, U.S. Consumer Confidence Next

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.