View the article online at http://citywire.co.uk/money/article/a1077234
Shell and BP boost FTSE as oil jumps on UK outage
Oil price rises above the $65 mark following the closure of the UK's Forties pipeline after the discovery of a crack.
Markets
Oil majors have led the FTSE 100 higher after the closure of a major UK pipeline helped lift the price of Brent crude above the $65 mark.
The UK blue-chip index rose 18 points, or 0.2%, to 7,471, with Shell (RDSb) and BP (BP) among the risers, up 1.2% at £24.41 and 1.3% higher at 505p respectively.
They were boosted by a 1.4% jump in the price of Brent cruse, to $65.62 a barrel, after the Forties pipeline, which carries North Sea oil across land, was closed following the discovery of a crack.
'The Forties pipeline system transports about 450,000 barrels a day of crude oil,' said Jason Gammel, analyst at Jefferies. 'Forties is one of the four components of the Brent pricing system, and if the duration of the outage is for several weeks it should put upward pressure on the Brent price.'
It was the same story on the FTSE 250, where oil stocks led the way, with Cairn Energy (CNE) up 3.4% at 222.9p and Tullow Oil (TLW) rising 3.3% to 196.5p.
Supermarkets Morrisons (MRW) and Sainsbury's (SBRY) were meanwhile rooted to the bottom of the FTSE 100, down 3.1% at 214.6p and 2.8% lower at 237.9p respectively, after data from market researchers Kantar Worldpanel showed both were lagging sales growth at Tesco (TSCO).
News sponsored by:
The Citywire Guide to Investment Trusts
In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.
More about this:
Look up the shares
- Royal Dutch Shell PLC (RDSb.L)
- BP PLC (BP.L)
- Cairn Energy PLC (CNE.L)
- Tullow Oil PLC (TLW.L)
- WM Morrison Supermarkets PLC (MRW.L)
- J Sainsbury PLC (SBRY.L)
- Tesco PLC (TSCO.L)
Archive
Today's articles
The Accumulator: oil's rally sparks Trump anger by Daniel Grote
Norris shorts Fever-Tree, says shares could halve by Daniel Grote
Pound slumps as Carney casts doubt on May hike by Daniel Grote
John McDonnell: I will not be a 'raving extremist' by David Campbell
Saturday Papers: Barclays chief Jes Staley fined £2m by Himanshu Singh
Tools from Citywire Money
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.
Read more...
The Accumulator: oil's rally sparks Trump anger
by Daniel Grote on Apr 20, 2018 at 16:31
1 comment so far. Why not have your say?
SDRL
Dec 12, 2017 at 15:32
To bad that Neil Woodford sold all his energy sector holdings.
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.