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North Sea Oil Premiums Hit Records As Saudi Sales Shift

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North Sea oil premiums surged to record levels as Saudi Arabia cuts sales to Europe following the shutdown of its East-West pipeline, forcing refiners to seek alternatives amid soaring fuel prices, Bloomberg reported Friday.

Norway's Johan Sverdrup crude was offered at a premium of as much as $35 a barrel above Dated Brent this week, up from a 60-cent premium on Sept. 8, traders said, according to the report.

Saudi Aramco told European customers Friday they would not receive supplies under long-term agreements next month as the company seeks to increase shipments through the Strait of Hormuz, Bloomberg reported.

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Equities

BP Agrees to Meet Again with Representatives of Workers at US Refinery

BP (BP.L) agreed to meet again with the elected representatives of the United Steelworkers union on Sept. 22 to discuss a labor agreement for its Whiting refinery in the US.The parties agreed on the schedule during a meeting on Thursday, according to a same-day release. The oil and gas company said the conversations were "constructive" and that both parties continue to work on several key issues of the deal.Amid the talks, BP assured that the ongoing labor dispute is not affecting operations at the site.

$BP.L
Equities

Market Chatter: Saudi Aramco Reportedly Bids for Fuel Cargoes in Europe, Mediterranean

Saudi Arabian Oil Co (SASE:2222), d/b/a Saudi Aramco, has been bidding for diesel cargoes in the Mediterranean, Bloomberg News reported Thursday, citing brokers who monitor S&P Global Energy's Platts pricing window.Sources told the news outlet that the Saudi Arabian state-owned oil giant has also been seeking to secure gasoline in Europe.Saudi Aramco did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^SXXPSASE:2222
Equities

DNB Carnegie Kicks Off Ithaca Energy Coverage at Buy

DNB Carnegie on Wednesday launched coverage of British oil and gas exploration and production company Ithaca Energy (ITH.L) with a buy rating and a price target of 3.25 pounds sterling.

$ITH.L