En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Oil up Friday as U.S. rigs and refineries brace for hurricane




By Christopher Johnson

LONDON
Petroleumworld 08 25 2017

Oil prices rose on Friday as the U.S. petroleum industry braced for Hurricane Harvey, which may become the biggest storm to hit the U.S. mainland in more than a decade.

Harvey became a category 2 storm as it crossed the Gulf of Mexico with winds of 105 mph (169 kph), 220 miles (355 km) off Corpus Christi, Texas, the National Hurricane Center said.

The hurricane is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston, both important oil refining centers.

U.S. light crude CLc1, also known as West Texas Intermediate or WTI, was up 40 cents at $47.83 a barrel by 0840 GMT. Brent crude LCOc1 was 45 cents higher at $52.49.

Energy companies have pulled workers from offshore oil platforms and halted onshore drilling in south Texas.

Just under 10 percent of offshore U.S. Gulf of Mexico crude output capacity and nearly 15 percent of natural gas production had been halted by midday on Thursday, government data showed.

“Damage and flooding to refineries and shale fields, disrupted production in the Gulf of Mexico and infrastructure damage are unlikely to be bearish for WTI,” said Jeffrey Halley, market analyst at brokerage OANDA.

U.S. gasoline prices RBc1 have risen almost 10 percent since Wednesday to a high of $1.74 a gallon, their highest since April as refiners shut down in preparation to the storm.

The Port of Corpus Christi, Texas, was closed to vessel traffic, a spokeswoman for the city's Port Authority said.

Oil refineries in the city run by Citgo Petroleum, Valero Energy Corp and Flint Hills Resources also began shutting down.

Beyond the storm's potential impact on the oil industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries to hold back production in order to prop up prices.

OPEC, together with non-OPEC producers including Russia, has pledged to cut output by 1.8 million barrels per day (bpd) this year and during the first quarter of 2018. But not all producers have kept to their pledges and supplies remain high.

A joint OPEC, non-OPEC monitoring ministerial committee said on Thursday that an extension to the supply-cut pact beyond March was possible, though not yet decided.

Part of the reason for the crude glut has been rising U.S. production, which has jumped by 13 percent since mid-2016 to 9.53 million bpd, close to its 9.61 million bpd record from June 2015. C-OUT-T-EIA

 



Story by Christopher Johnson ; Additional reporting by Henning Gloystein in Singapore; Editing by Mark Potter from Reuters.

reuters
.com
08 25 2017
04:48AM EDT

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 



Sept. 14-15,
Accra, Ghana

 

Nov 13-14 ;
Mexico City, Mexico

 

 

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.