Hurricanes Harvey and Irma to support crude oil prices; buy on dips
14 September, 2017, 00:47
Oil inventories are expected to have increased because of the slowdown in demand caused by disruptions to refineries from August's Hurricane Harvey.
The price, which was also over $54 per barrel the previous day was said to have stabilised at that level because of the near balance of demand and supply in the market. Estimates from market intelligence firm Genscape showed an inventory growth of 1.2 million barrels in Cushing last week, said market sources who saw that data on Monday.
The EIA expects net petroleum product exports to average 1.1 MMbbl/d in September, down from an average of 2.9 MMbb/d in the first eight months of 2017. The hurricane forced refineries across the US Gulf Coast to shut down impacting almost 3.3 mbpd of refining capacity as per the EIA data released last week.
In a note Monday, however, analysts at Goldman Sachs said the negative impact on oil demand from Irma will be smaller than Harvey, which made landfall on the Texas coast on August 25. Interestingly, pump prices rose by a higher absolute amount per gallon in Texas (40 cents per gallon) and Houston (35 cents per gallon), but the averages for Texas ($2.56 a gallon) and Houston ($2.43 a gallon) remained lower than the national average. We also saw a reduction in number of oil rigs which will further be price supportive.
Opec boosted its estimates for the amount of crude it will need to supply next year by 400 000 barrels a day to 32.8 million a day on increased demand projections for Europe and China.
"Global economic growth momentum has gained traction lately and has become more balanced, with all major economies now showing positive growth this year, a trend that is forecast to continue into 2018", OPEC said in its report.
The number of oil rigs in the country hasn't changed in August and the figure was reported to stand at 61, the same number as in July.
Mr Al Falih and Mr Al Mazrouei agreed that an extension of the output cuts beyond March 31 "may be considered in due course as fundamentals unfold", according to the Saudi ministry.
Oil in NY has averaged about $49 a barrel this year as efforts to drain a global glut by the Organisation of Petroleum Exporting Countries and partners including Russian Federation are stifled by rising shale output. Compliance to output cuts improved from 84% in July to 89%. The U.S. Energy Information Administration lowered its forecast for total U.S. crude oil production, however.
This maritime approach is supplemented with aid and military reinforcements transported directly from the United Kingdom by air. Seawater surged three blocks inland in the town of Caibarien, where officials said they had evacuated 880 people.
One of them, former Labour Party leader Ed Miliband, said Monday that Fox News should serve as a cautionary tale. Bradley still has ten days before her decision is finalised and the deal could still be given the go-ahead.
Anxious parents rushed to the school in the town of about 500 people near the Idaho border, about 25 miles southeast of Spokane. September 13, 2017We're grateful for the service of school staff and first responders working to keep our students safe.
Mnuchin said the one-year provision was not widely reported but is an important piece in the saga over the budget negotiations. Economists have long called for a lower corporate tax in the United States, which is the highest among OECD countries.
The two leaders will participate in a road show that would start from the Ahmedabad airport and culminate at the Sabarmati Ashram. In the evening both the prime ministers will pay a visit to iconic Sidi Saiyyed Mosque present at the eastern part of the city.
It said it was not a telecoms provider and so not subject to the Russian laws Duke referred to on cooperation with the government. Kaspersky said the company was happy to have an opportunity to provide information to show that the allegations are unfounded.
The 42-year-old was spotted happily signing autographs and taking selfies with her adoring Canadian fans on Sunday. Brad Pitt and Angelina Jolie are making headlines even a year after their nasty split.
Stenhouse, who will make his debut in the playoffs this weekend at Chicagoland, said he's certain she's going to be fine. Matt Kenseth and Kasey Kahne, meanwhile, both said they are not candidates to replace Patrick.
Using the "freeze" option does not protect your personal information but will protect your credit if someone tries to access it. It has also been reported that Equifax executives sold personal portfolios of Equifax stock prior to the announcement.
The building was still in tact despite the crane's failure. "But for the grace of God, that [collapse] could be me". Authorities in Miami have also confirmed that two cranes have collapsed into buildings due to the strong winds.
Irma: Five dead at Florida nursing home left without power
Some 25% of homes on Florida Keys, the set of islands off the state's southern tip, are estimated to have been destroyed. The 152-bed rehab center provides short-term rehabilitative services and long-term care, according to its website.
Fired-up James Faulkner back for Australia
The teams then travel to Bangalore and Nagpur for the final two games, before they take part in a three-match T20I series. I think this team has that aggressive intent because they've been made this way by aggressive captains.
Storm Irma pushes Florida Keys towards 'humanitarian crisis'
Irma is moving toward the north-northwest near 17 miles per hour , and a turn toward the northwest is expected by Tuesday morning. Roads were flooded, but city spokesman Zachery Good said the majority of Homestead's mobile homes were spared destruction.