En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

 

Oil prices steady Tuesday as traders assess U.S. hurricane impact




By Jane Chung

SEOUL
Petroleumworld 09 12 2017

Oil prices were steady on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts in the wake of Hurricane Harvey that should lead to more crude oil processing.

International benchmark Brent crude LCOc1 was down 4 cents, or 0.07 percent, at $53.80 per barrel by 0655 GMT from the previous close.

U.S. West Texas Intermediate (WTI) crude CLc1 was down 3 cents, or 0.06 percent, at $48.04 a barrel.

U.S. refineries, including the largest U.S. refinery Motiva Enterprises [MOTIV.UL], have started to come back online. Motiva restarted production on Monday after being shut for about two weeks as Hurricane Harvey ripped through the U.S. Gulf coast.

On Harvey's heels, Hurricane Irma slammed into Florida on Sunday, leaving more than 7.4 million homes and businesses without power, but has since been downgraded to a tropical storm.

U.S. crude inventories likely rose last week following the hurricane impact, while refined product stockpiles were forecast to have declined, a preliminary Reuters poll showed.

Six analysts polled ahead of inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 2.3 million barrels in the week ended Sept. 8.

The API is due to release its data for last week at 4:30 p.m. EDT (2030 GMT) on Tuesday and the EIA report is scheduled at 10:30 a.m. EDT on Wednesday.

“The market is looking for a significant build in oil inventories,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. “That's not surprising given the disruption of refineries as consequences of hurricanes, so I guess there's a bit of caution here.”

As mixed market indicators kept oil prices in a range, RBC Capital Markets said in a note that it expected “WTI and Brent to average $49.30 and $52.50 per barrel this year before increasing to average $53 and $55.50 a barrel next year.”

Amid persistent glut concerns, Saudi Arabian Energy Minister Khalid al-Falih had talks with his Venezuelan, Kazakh counterparts about the possibility of extending supply cuts beyond March 2018.

“Reports of an extension of the current production cut agreement continued to swirl around the market,” ANZ bank said in a note.

The Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de facto leader, and other producers including Russia, have agreed to curb their output by around 1.8 million barrels per day until next March.

OPEC's secretary-general Mohammad Barkindo said on Monday the supply cut deal was expected to help the global oil market rebalance and strong demand could further reduce oil inventories.



Story by Jane Chung ; Editing by Richard Pullin and Joseph Radford from Reuters.

reuters
.com
09 12 2017
08:17BST

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.