Economy

United States oil price decline on rising inventories

United States oil price decline on rising inventories

Harvey's impact was also felt in oil production.

ANZ bank said on Thursday that USA crude prices should receive some support "as US refineries increase their oil demand as they recover from recent flooding".

Oil prices slid on Friday, with USA crude down more than 3 per cent on worries that commerce and energy demand in Florida and the Southeast would be hit hard as Hurricane Irma, one of the most powerful storms in a century, drove toward the region.

US light crude oil CLc1 dropped 0.14 cents at $48.95 barrel.

"Hurricanes can have a lasting effect on refinery and industry demand", said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt.

Meanwhile, Brent oil for November delivery on the ICE Futures Exchange in London dipped 15 cents, or about 0.3%, to $54.05 a barrel. The Energy Information Administration on Thursday reported (http://www.marketwatch.com/story/oil-gains-ahead-of-expected-drop-in-gasoline-stockpiles-2017-09-07) that USA crude inventories rose 4.6 million barrels for the week ended September 1.

The US Department of the Interior's Bureau of Safety and Environmental Enforcement said that roughly 13.5 percent of oil production in the Gulf of Mexico was also shut in on Aug.31.

As refineries along the Gulf Coast slowly resume normal operations, there was no surprise in this week's EIA inventory report: a build of 4.6 million barrels of crude oil.

More news: As Irma Approaches, Florida AG Launches Price-Gouging Hotline
More news: Dauberman was scared of Stephen Kings response to IT remake
More news: Tottenham reveal unbelievable retractable pitch at new stadium

But the slowdown in refining and output are expected to be temporary.

The capacity shutdowns have done global oil prices good and now news of more possible supply disruptions are supporting them, too.

That US crude oil inventories would increase in the wake of Hurricane Harvey was largely anticipated, with some saying as much as 40-60 million barrels could be added to inventory while shuttered refineries struggle to come back online.

"Irma looks like it will miss the key Gulf areas, and we're more anxious about shale", said Mark Watkins, regional investment manager at U.S. Bank.

"Imports (of oil) to the U.S. Gulf Coast fell to levels not seen since the 1990s", ANZ bank said.

Traders are saying it may take weeks for the USA petroleum industry to return to full capacity, ant that under the current conditions it was hard to identify fundamental market trends.

On Irma's heels, Hurricane Jose is heading for the Caribbean Leeward islands, which have just been devastated by Irma, with wind speeds of 120 miles per hour (195 km/h). It was anticipated to reach Florida by Sunday.

Hurricane Jose is heading for the Caribbean Leeward islands, which have just been devastated by Irma.


  • 'Mixed bag of good headlines' as Canada adds 22200 jobs in August

    'Mixed bag of good headlines' as Canada adds 22200 jobs in August

    The province's unemployment rate fell 0.4 percentage points to 5.7%, the lowest level since January 2001. Most of the decrease in full-time employment occurred among workers between the ages of 15 and 24.
    Disney World, Universal Orlando & SeaWorld Closing Sunday & Monday As Irma Closes In

    Disney World, Universal Orlando & SeaWorld Closing Sunday & Monday As Irma Closes In

    You are going to another Disney site and a different privacy policy, terms of use and/or sales terms and conditions may apply. Illuminations, Fantasmic!, Star Wars: A Galactic Spectacular, and Rivers of Light are all canceled on Saturday night.
    Stokes treble rocks Windies as Anderson awaits 500th wicket

    Stokes treble rocks Windies as Anderson awaits 500th wicket

    After lunch , Anderson pressed hard for the elusive 500th wicket but it would not come and Root took him out of the attack. England were spared further damage by the onset of bad light, leaving the final match of the series finely poised.
  • Yet Another UFC Main Event Derailed By Last-Second Medical Issue

    Yet Another UFC Main Event Derailed By Last-Second Medical Issue

    Ray Borg and Demetrious Johnson will reportedly not be fighting in Saturday's main event at UFC 215 in Edmonton, Canada . The fight could be rescheduled as soon as UFC 216 on October 7 in Las Vegas, according to ESPN's Brett Okamoto.
    First human case of West Nile Virus in Brown Co. this year

    First human case of West Nile Virus in Brown Co. this year

    Mosquito trapping and testing began on June 5th with the first positive mosquitoes identified on June 29th in West Haven . Philip Armstrong , Medical Entomologist at the Connecticut Agricultural Experiment station (CAES).
    Myanmar seeks to avoid blame for atrocities against Rohingya minority

    Myanmar seeks to avoid blame for atrocities against Rohingya minority

    He calls on Suu Kyi to be courageous and resilient again to guide her people back to the path of righteousness. The military says it is fighting against Rohingya militants who are attacking civilians.
  • Return of the wild child: 200mph TVR Griffith revealed

    Return of the wild child: 200mph TVR Griffith revealed

    Underneath, the Griffith has Cosworth developed 5.0-liter V8 stays true to TVR's old school recipe. These are the kind of numbers that give the new Griffith the right to call itself a "supercar".

    Were Analysts Bearish IAMGOLD Corp (TSE:IMG) This Week?

    IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company.

    Prudential Financial, Inc. 5.70 (NYSE:PRH) Trading Down - Shorts Up 247.76%

    For the past 5 years, the company's revenue has grown 4.1%, while the company's earnings per share has grown 24.9%. The stock of Progressive Corp (NYSE:PGR) has "Buy" rating given on Wednesday, August 16 by Keefe Bruyette & Woods.
  • Class II student found dead in Gurugram school toilet

    Class II student found dead in Gurugram school toilet

    A bus conductor was arrested on Friday in connection with the murder of a second grader at a prominent private school in Gurgaon . Varun Thakur, father of victim, said "It is a clear case of murder, don't know what happened but I am sure its murder".
    Axe hangs on Bihar Cong chief

    Axe hangs on Bihar Cong chief

    In the last two days, Rahul has also met MLAs and party leaders from Bihar in a bid to assuage their feelings. However, on Monday, Nitish indicated that all was not well within the Congress.

    Insider BARRINGTON MARTIN J. sold 15300 Shares Of Altria Group, Inc

    Carlson Capital Mgmt stated it has 7,057 shares or 0.16% of all its holdings. 103 funds opened positions while 341 raised stakes. The Massachusetts-based Baldwin Brothers Inc Ma has invested 0% in the stock. 17,352 were reported by Security Natl Trust Com.