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Oil Prices Rise On Huge Draw In Gasoline Stocks
13 Setiembre 2017, 10:19 | Crisanna Felipe
Hurricanes Harvey and Irma to support crude oil prices; buy on dips
Crude oil futures continued to rise Tuesday amid hopes that OPEC can re-balance oil markets.
"The main message is that global oil demand is very strong in 2017", said Bjarne Schieldrop, an analyst at SEB AB in Oslo.
Brent crude settled up 43 cents or 0.8 percent to $54.27 per barrel.
U.S. output will average 9.84 million barrels a day next year, the Energy Information Administration said in its monthly Short-Term Energy Outlook on Tuesday.
Crude oil prices edged lower on Wednesday, amid speculation weekly supply data due later in the session will show a larger-than-expected gain in US crude stockpiles as Hurricanes Harvey and Irma weighed on demand.
"We went from a situation pre-U.S. shale boom where we were talking about peak production, now we're talking about peak demand", Helima Croft told CNBC this morning.
In its report, the IEA also stated that OPEC crude oil production would need to be 32.7 mb/d for the remainder of 2017 - in line with current production levels.
But many refineries along the Gulf Coast were knocked offline by the hurricane, prompting a notable rise in crude stockpiles for the week ended September 1, according to the Energy Information Administration. With market strains compounded by the two hurricanes that hit the southern United States, Brent crude oil is approaching a record high for the year, moving toward $55 per barrel early Wednesday.
The longer-term focus, however, was on a possible extension to the 15-month production pact between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russian Federation.
OPEC meanwhile revised upwards its estimate for global oil demand by 1.42 million bpd to 96.77 million bpd this year.
The front-month contract in USA crude's West Texas Intermediate (WTI) benchmark settled up $0.59, or 1.2%, at $48.07 per barrel on the NewYork Mercantile Exchange. While the largest US refinery, Motiva Port Arthur, and a number of others were restarting more than two weeks after Hurricane Harvey ripped through the US Gulf coast, the impact from Irma was less supportive of oil prices. Nevertheless, Libya reversed this trend as its crude oil production slipped down to an 890,000 barrels a day by an estimated 112,000 barrels.
A fall in production from Saudi Arabia is bullish for crude oil (FENY) (IXC) (IYE) prices.
"There will be some demand lost - obviously Florida is a big gasoline demand center", Amrita Sen, chief oil analyst at consultants Energy Aspects, said in a television interview.
Irma hits Florida, widespread floods and power cuts
Nine people had died and seven were missing in the French territories, while four are known to have died in Dutch Sint-Maarten. No. 22-ranked South Florida was to resume practice Tuesday and will play host to IL on Friday, also at Raymond James.
Hurricane Irma pummels Florida; 'This one scares me'
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Success! An email has been sent with a link to confirm list signup. "We wanted to stop the bleeding", Jansen said after the game. Delino DeShields, who was 2-for-4 with two runs scored, also had a solo home run to help make a winner out of Cole Hamels (10-3).
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As officials and residents began to assess the damage around the state, Governor Rick Scott said he would travel to the keys. Scott said 65 percent of Florida, the third most populous USA state with about 18.8 million people, was without power.
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