A few years ago, Aker BP, a fast-growing Norwegian oil and gas firm that specialises in innovative exploration, decided to try. Using a combination of new drill technology and software, they explored the thin seam of oil – sometimes only 30ft or so thick – below the gas field.
Gunvor Group, one of the world’s biggest independent oil traders, piled into the North Sea crude market during a wider rout in futures markets.
The North Sea crude market, home to the world’s most important physical oil-price benchmark Dated Brent, often sees individual traders taking relatively large positions, meaning Gunvor’s actions aren’t definitive proof of bullishness.
Six people directly involved in physical North Sea oil and derivatives trading said that the heightened volumes bore the hallmarks of a trader having their positions stopped out. The term means that either the trades were closed involuntarily, or that they triggered a preset threshold requiring them to be closed.