Oil rises to $55 as hurricane damages refineries

Crude Oil Rally Pauses After API Inventories

The amount of oil held in US storage tanks rose by 4.6 million barrels last week after Hurricane Harvey added to the glut that has kept crude prices low for more than three years.

Irma, the second major hurricane to approach the United States in two weeks, has already killed 14 and destroyed islands in the Caribbean.

This has provided a support for crude oil prices, as have reports of another three storms brewing in the area of the Gulf, with the potential of growing to hurricanes, causing further shutdowns and damage.

The nation's stockpile of gasoline declined by 3.2 million barrels as USA buyers scrambled for fuel supplies and more than a dozen major refineries were knocked offline.

Brent crude was up 16 cents at $54.65 a barrel (bbl) by 6:45 a.m. CST (11:45 GMT), after earlier reaching its highest level since April at $54.80.

After markets closed Wednesday, the American Petroleum Institute said that US oil inventories rose by about 2.8 million barrels in the week ended September 1.

Irma, however, was not expected to affect supply as it was headed away from US oil production in the Gulf.

Читайте также: Americans, Russian head for International Space Station

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

Harvey led US refineries to operate at just 79.7% of capacity during the week ending on 1 September, resulting in a 822,000 barrel per day fall in imports when compared to the prior week to reach 7.1m barrels, according to the Energy Information Administration, the US Department of Energy's statistical arm.

The U.S. lost more than 20% of its refining capacity in the days after Harvey (http://www.marketwatch.com/story/more-refineries-come-off-line-in-harveys-wake-2017-08-30), though many refineries have since started to come back online.

Port and refinery closures along the Gulf coast and harsh sea conditions in the Caribbean have also affected shipping.

Hurricane Irma, which has become one of the biggest storms ever measured, on Friday hit the Dominican Republic and Haiti, heading for Cuba and the Bahamas. It was predicted to hit Florida on Sunday or Monday.

The U.S. National Hurricane Center (NHC) said that Irma was a Category 5 hurricane, with wind speeds of 160-185 miles per hours (260-295 km/h). It was the first weekly build in crude stockpiles for ten weeks.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2017 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related:

  • No joy for Sadio Mane

    No joy for Sadio Mane

    The Premier League's success is built, in part, on its unpredictability - and the outcome at the Amex Stadium was certainly that. At the time, Klopp said it was unlikely that Liverpool would appeal, but ultimately, the club chose to give it a try and failed.
    There are now 3 hurricanes in the Atlantic

    There are now 3 hurricanes in the Atlantic

    Katia was expected to begin moving again and turn southward, and it is forecast to hit the state of Veracruz by early Saturday. Katia transitioned from a tropical storm to a hurricane on Wednesday afternoon, and was a Category 2 hurricane as of 4 p.m.
    Wenger reveals why he turned down Manchester United job

    Wenger reveals why he turned down Manchester United job

    That is why I am still in the competition. "When I arrived here we were 80 people, today we are 700". A lot has changed but when I came here this club was about values that I love in sport.
  • Trump Commemorates 9/11 Anniversary with Moment of Silence

    Trump Commemorates 9/11 Anniversary with Moment of Silence

    He vouched for the people for being united in facing such catastrophic severity, and encouraged them to "emerge stronger". Vice President Mike Pence was representing the administration a ceremony at the 9/11 memorial in Shanksville.
    UNSC to vote Monday on N. Korea sanctions

    UNSC to vote Monday on N. Korea sanctions

    North Korea fired a missile created to carry a nuclear payload in what was likely the longest ever launch for the country. It's a win for the United States , even if it's not quite the victory they initially wanted.
    Neymar is not concerned by Celtic FC fans

    Neymar is not concerned by Celtic FC fans

    The World Cup victor believes the time is right for a Premier League club to again challenge Real Madrid's recent monopoly. Neymar has said: "One of my biggest reasons for joining PSG was to help the club write history".
  • Hormone Replacement Therapy (HRT) May Combat Lung Function Decline in Women

    Hormone Replacement Therapy (HRT) May Combat Lung Function Decline in Women

    Experts said the hormone therapy is safe to use by women who are looking to relieve symptoms from menopause such as hot flashes . About 9 percent of women in both groups died from heart disease and about 8 percent from breast and other cancers.
    Defence takes centre stage in India-Japan ties

    Defence takes centre stage in India-Japan ties

    The two leaders will hold the 12th Indo-Japan annual Summit meeting at Gandhinagar after which agreements will be exchanged. The next halt will be at the Sidi Saiyad Mosque , a 16th century monument known for its stone lattice work.
    Jone Jones's B Sample Before UFC 214 Confirms Failed Drug Test

    Jone Jones's B Sample Before UFC 214 Confirms Failed Drug Test

    As a result, he was suspended by a year by the USADA, and UFC 214 marked his first time back in the ring after the suspension. The positive test did not become public until after the fight, and Jones later said he beat Cormier after a "week of cocaine".
  • Irma Leaves Flooding and Destruction Across Florida — Surveying the Damage

    Irma Leaves Flooding and Destruction Across Florida — Surveying the Damage

    This is the first year on record that the continental United States has had two Category 4 hurricane landfalls in the same year. The storm is expected to further weaken as it moves through Columbus and then northwest through Alabama and into Tennessee.
    Michael Owen: Manchester United defence are a worry

    Michael Owen: Manchester United defence are a worry

    Cameroon worldwide Maxim Choupo-Moting made an early impact for the Potters, scoring both the goals for the home side. Made a great tackle to deny Jese and won back possession in the lead up to United's second goal; a mixed performance.
    NATO urges tougher implementation of North Korea sanctions

    NATO urges tougher implementation of North Korea sanctions

    Ambassador Nikki Haley said North Korea was " begging for war " and called for tougher sanctions against the Kim Jong Un regime. He added, " Sanctions are only half a solution, so dialogue and negotiations should be carried out together".

Comments

Latest news

Celtic v Paris Saint-Germain
It was a great performance by them. "It was the ideal match, the match we had to play here to get the three points". We fancy them to take that momentum and get a little bit of revenge on Juventus in the first round of group games.

UN Security Council to Vote after US Softens North Korea Sanctions
Jens Stoltenberg says North Korea must abandon its nuclear and missile programs and refrain from further testing. However, the restrictive measures failed to prevent North Korea from conducting further tests.

Danica Patrick out at Stewart-Haas Racing after new sponsor
In 180 Monster Energy NASCAR Cup Series starts, Patrick has zero wins, zero top-fives and seven top-10 finishes. She has one top-10 - June 4th at Dover International Speedway - and an average finish of 23.5 in 2017.

Leeds United line up January deal for Japan worldwide midfielder
He was named as the J-League's young player of the year last season after Osaka finished sixth in the table. Leeds United are on the cusp of signing Japan worldwide midfielder Yosuke Ideguchi .

Security Council votes sanctions on N Korea blunted by Russia, China
Security Council include a complete ban on North Korean exports of textiles, including fabrics and partially completed apparel. North Korea has been dealing with sanctions for over a decade, but the country's nuclear march has been undeterred.

Victoria Beckham Works Out for 2 Hours Every Morning: 'I'm Very Disciplined'
I don't think she's going to be a fashionista. "I want to reach as many women as I can around the world". The former Spice Girls star doesn't think her six-year-old will follow her into fashion.

Strs Ohio Increases Position in Lamar Advertising Company (LAMR)
Sarasin & Partners Llp decreased Mosaic Co New (NYSE:MOS) stake by 44,000 shares to 130,000 valued at $3.81 million in 2016Q4. Cwh Capital Management, Inc. bolstered its investment by buying 505 shares an increase of 0.6% from 03/31/2017 to 06/30/2017.

United States lawmakers want 'supercharged' response to N.Korea nuclear tests
Peru's envoy, Maria Antonia Masana Garcia, said North Korea's ambassador to her country would be considered persona non grata. Japanese PM Shinzo Abe also said that he highly appreciates "a remarkably tough sanctions resolution".

Muslim Judicial Council concerned as violence against Rohingya muslims continues
The military says it is responding to attacks by Rohingya militants and denies targeting civilians, BBC reported on Monday. After talking to a number of Burmese people through translators, Hasina addressed the gathering inside the Kutupalong camp.

Russell Westbrook, Jordan Brand Reportedly Agree to New Endorsement Contract
While the exact amount of the deal is yet to be revealed, it's expected to be the priciest among all Jordan endorsers. Westbrook has yet to receive an on-court player exclusive from Jordan Brand, so this is a first.

Brexit customs "could cost United Kingdom traders GBP4bn a year"
Foreign secretary Boris Johnson pledged to work with the European Union in order to prevent such incidents in the future. It will also promise co-operation in imposing sanctions on other states.

Statement from Minister McKenna on Kenow wildfire in Waterton Lakes National Park
The blaze has grown from just 12 acres when it was discovered on August 30 to 28,170 acres, or about 44 square miles. MT overnight, saying in an alert to residents, "Fire has left Waterton Park and has entered the County".

United Nations slams India for seeking deportation of Rohingyas
The United Nations High Commissioner for Human Rights condemned the murder of Bengaluru-based senior journalist Gauri Lankesh . India came under fire from the UN Human Rights Council over its threat to deport 40,000 Rohingyasm.

Sen. Manchin joins President Trump at White House dinner
The collapse of GOP efforts to scrap Obamacare shows the party's divided: It's divided on tax reform, it's divided on everything. But while Democrats are eager to come to an agreement on DACA, tax reform may be a much more hard bipartisan assignment for Mr.

12 passengers burnt to death in road accident
According to Motorway Police, the blaze was doused by the fire brigade who reached the incident spot after hearing the news. The spokesman said two injured women are in critical state; hence, they have been transferred to CMH.

Other news