Oil is expected to rise six weeks after Hurricane Nicholas hits the Gulf of Aden

On June 9, 2016, the Department of Energy will display a fuel storage tank and crude oil pipeline equipment at the Freport, Texas, USA Strategic Petroleum Reserve. REUTERS / Richard Carson

  • U.S. energy companies are pushing for another wave
  • More than 40% of U.S. Gulf oil and gas production is still closed
  • IEA sees oil demand return by 1.6 million bpd in October
  • China to auction 7.38 million BbW raw material from strategic stock

LONDON, Sept. 14 (Reuters) – Oil prices rose six weeks after the Greater Texas and Louisiana International Energy Agency made a big prediction as Hurricane Nicholas weakened into a tropical storm. To answer the question again for the rest of the year.

Brent crude rose $ 74.28 a year and rose 1334 GMT to $ 74.06 by 55 cents or 0.8%. West Texas Intermediate (WTI) crude rose 51 cents or 0.7% to $ 70.96 after hitting $ 71.22.

Both contracts have been up for three consecutive terms and have been trading heavily since the beginning of August.

Nicholas is the second hurricane to hit the Gulf of Aden in recent weeks. A hurricane killed more than two dozen people in August.

On Monday, excavations were underway in the area, and marine oil refineries were set up for Nicholas. Read more

“The high cost of production in the Gulf of Mexico remains one of the driving forces,” says Commerzbank.

According to the BSEE, 794,000 barrels (or bpd) per day, or more than 40% of the Gulf’s oil and gas output, are offline, according to the Coast Guard. ). Read more

After a three-month decline in global oil demand, the release of COVID-19 vaccines is set to restore oil demand that has been suppressed by epidemics, the International Energy Agency (IAA) said Tuesday.

The IEA’s 1.6 million BPD request will be returned in October and will continue until the end of the year.

Overall, the agency downgraded global oil demand growth by 105,000 bpd to 5.2 million bpd, but increased the number to 2022 by 85,000 bpd to 3.2 million bpd.

These forecasts are far below the expectations of the Organization of Petroleum Exporting Countries (OPEC), which expects demand to grow to 5.96 million BPD this year and 4.15 million BPD next year. Read more

Reuters Graphics

Opposers an engineer of the National Fuel Corporation (noc) of the National Fuel Corporation and the Birds in the Belief Cormral (noc) of the National Fleshland in the Libya Tuesday.

Details of China’s plans to sell raw materials from its strategic stock were used to ease inflation on Tuesday.

The Chinese State Stock Exchange announced that it will sell 7.38 million barrels of crude oil on September 24, marking the first sale of the unusual strategic stock.

Ahmed Gadar’s report in Tokyo by Yuka Obayashi More by Jason Nellie and David Goodman

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