Markets turn volatile on supply outages, OPEC cuts decision

Oil and gas markets became more volatile ahead of the winter peak demand period following a series of supply outages and the latest OPEC decision to extend oil output cuts Oil and gas markets became more volatile ahead of the winter peak demand period following a series of supply outages and the latest OPEC decision to extend oil output cuts.
By Peter Stewart 20 December 2017 0 28852
Grangemouth oil refinery Crude oil is transported to the Grangemouth refinery via the Forties pipeline. (INEOS)

European oil, gas and power markets were buffeted by supply disruptions in the UK, Austria and Norway during a spell of unseasonably cold weather in early December, fuelling concerns over supply tightness and potential market volatility this winter.

The UK’s Forties Pipeline System (FPS) was shut down on 11 December for repairs that the operator has said are likely to take weeks. The pipeline system is the biggest conduit for oil and gas from the North Sea to the UK, and its closure during an unusually...

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